HOUSTON, TX, Sept. 8, 2016 /CNW/ - Hunter Oil Corp.
(TSX-V: HOC; OTCQX: HOILF) (the "Company") is pleased to
announce that is that it will implement a consolidation (the
"Consolidation") of all of its issued and outstanding common shares
(the "Pre-Consolidation Shares") at a ratio of ten (10)
Pre-Consolidation Shares for one (1) post-Consolidation share (the
"Post-Consolidation Shares").
Effective at the opening of the market on September 9, 2016, the common shares of the
Company will commence trading on the TSX Venture Exchange on a
consolidated basis. The Company's name and stock symbol will remain
unchanged following the Consolidation.
The new CUSIP number of the Post-Consolidation Shares will be
44570P201and the new ISIN will be CA44570P2017.
The Company currently has 80,708,810 issued and outstanding
common shares and is anticipated to have 8,070,881 common shares
outstanding following the Consolidation. The Company's
outstanding stock options will also be adjusted on the same basis
(one for ten) as the common shares, with proportionate adjustments
being made to options exercise prices.
Any fractional shares resulting from the Consolidation shall be:
(a) rounded up to the next whole share if such fractional share is
equal to or greater than one-half of a share; and (b) rounded down
to the next whole share if such fractional share is less than
one-half of a share.
Further details with regard to the background, reasoning and
effect of the Consolidation are contained in the information
circular for the Company's annual general and special meeting held
on June 14, 2016, a copy of which was
mailed to shareholders and is available under the Company's profile
at www.sedar.com or upon request to the Company.
Registered shareholders of the Company will receive a letter of
transmittal from the Company's transfer agent, Computershare
Investor Services Inc., as soon as practicable after the effective
date of the Consolidation. The letter of transmittal will enable
registered shareholders to exchange their share certificates
representing Pre-Consolidation Shares for Post-Consolidation
Shares. Until surrendered, each share certificate representing
Pre-Consolidation Shares will represent the number of
Post-Consolidation Shares to which the holder is entitled as a
result of the Consolidation. A copy of the letter of transmittal is
also available on the Company's website or on www.sedar.com.
Shareholders who hold their common shares in brokerage accounts
or in "street name" are not required to take any action to effect
the exchange of their common shares.
The Consolidation has been approved by the TSX Venture Exchange
and by shareholders of the Company at the June 14, 2016 annual general and special
meeting.
Appointment of Interim CFO
The Company also announces the resignation of Rick Powers as Chief Financial Officer of the
Company. The Board of Directors thanks Mr. Powers for his
contributions to the Company and wishes him well in his future
endeavours.
Becky Gillespie has been
appointed Interim Chief Financial Officer to replace Mr. Powers.
Ms. Gillespie has over 40 years of financial experience in the oil
and gas industry, most recently as Controller for a group of
independent oil and gas operators with production in the
USA, Gulf of Mexico, South America and Mexico. She previously
held senior financial management roles with a number of public
companies including BPZ Resources Inc. and Petrohawk Energy
Corporation. Ms. Gillespie has a BS from the University of Southern Mississippi.
About Hunter Oil Corp. (formerly Enhanced Oil Resources
Inc.)
Hunter Oil Corp. owns and operates two large historic oil fields
in New Mexico, the Milnesand and Chavaroo oil fields. Recorded
production of these two fields is in excess of 37 million barrels,
representing approximately 10% of the oil in place. The Company
plans to unlock the value in these resource-rich fields by
increasing the efficiency of its operations, and by applying new
and proven unconventional production technologies.
ON BEHALF OF THE BOARD OF DIRECTORS
Andrew
Hromyk
President and CEO
+1 (832)
485-8500
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE
EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF
THIS RELEASE
Cautionary Statement Regarding Forward-Looking
Information
Except for statements of historical fact, this news release
contains certain "forward-looking information" within the meaning
of applicable securities law. Forward-looking information is
frequently characterized by words such as "plan", "expect",
"project", "intend", "believe", "anticipate", "estimate", "will",
"could" and other similar words, or statements that certain events
or conditions "may" or "could" occur. Such forward-looking
information is based on a number of assumptions and subject to a
variety of risks and uncertainties, including but not limited to
those discussed in the sections entitled "Forward-Looking
Statements" in the interim and annual Management's Discussion and
Analysis which are available at www.sedar.com. While our management
believes that the assumptions made are reasonable, should one or
more of the risks, uncertainties or other factors materialize, or
should underlying assumptions prove incorrect, actual results may
vary materially from those described in forward-looking
information. Forward-looking information herein, and all subsequent
written and oral forward-looking information are based on estimates
and opinions of management on the dates they are made and are
expressly qualified in their entirety by this cautionary statement.
Except as required by law, the Company assumes no obligation to
update forward-looking information should circumstances or
management's estimates or opinions change.
SOURCE Hunter Oil Corp.