/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
CALGARY, AB, June 2, 2021 /CNW/ - New Stratus Energy Inc.
(TSXV: NSE) ("New Stratus" or the "Corporation") is
pleased to announce the appointment of Mr. Wade Felesky as President of the Corporation and
a member of the Board of Directors. Mr. Felesky was most recently
Head of Investment Banking at Laurentian Bank Securities Inc. and
previously Co-Head of Energy Investment Banking at GMP Securities
L.P. He has over 25 years of investment banking experience and has
been involved as an agent and advisor to the New Stratus team since
2004.
New Stratus is also pleased to announce that Mr. Humberto Calderon Berti has also agreed to join
the Corporation's Board of Directors. Mr. Calderon Berti is both a
geologist and petroleum engineer and is one of the most recognized
and respected names in global energy. He is the former President of
Petróleos de Venezuela, S.A.
(Venezuela's state-owned petroleum
company) as well as the former President of OPEC (the Organization
of Petroleum Exporting Countries). He also has served as the
Minister of Energy and Mines and the Minister of Foreign Affairs in
his native Venezuela.
"We are very excited to have Mr. Felesky join our team as he has
been a trusted advisor to us for almost 20 years. He has
significant M&A experience in South
America and will be focused on evaluating opportunities to
further enhance shareholder value. Mr. Calderon Berti will bring
unparalleled knowledge and experience to our Board of Directors as
well as our management team. We are very fortunate to have him on
our team" said Mr. Jose Francisco
Arata, CEO & Chairman.
The Corporation also announces that Mr. Lucas Tomei has been appointed as Corporate
Secretary. Mr. Tomei is a partner at Dentons Canada LLP, an
international law firm, and has experience in a broad range of
corporate finance, mergers and acquisitions, and securities
regulatory matters. In addition, Mr. Krishna Vathyam has resigned from the Board of
Directors. New Stratus thanks Mr. Vathyam for his valuable
contributions on technical and corporate matters of the
Company.
New Stratus announces that it has entered into an agreement with
Canaccord Genuity Corp., on behalf of a syndicate including Echelon
Wealth Partners Inc. and Paradigm Capital Inc. (collectively, the
"Agents"), to lead a brokered private placement of up to
33,333,333 units of the Corporation ("Units") at
$0.30 per Unit for total gross
proceeds of up to $10,000,000 (the
"Offering"). Each Unit will be comprised of one common
share of the Corporation ("Common Share") and one-half of
one common share purchase warrant ("Warrant"), with each
whole Warrant exercisable for one Common Share at an exercise
price of $0.45 per Common Share for a
period of 24 months from the date of issuance of the Warrant.
The Agents have been granted an option (the "Agents'
Option") to offer for sale up to an additional 3,333,333 Units
on the same terms for additional gross proceeds of up
to $1,000,000, which Agents' Option is exercisable, in whole
or in part, at any time up to 48 hours prior to the closing of the
Offering.
The Corporation intends to use the net proceeds from the
Offering for development and exploration activities on its
Colombian block, VMM-18, the evaluation of other opportunities in
its core evaluation areas of Colombia, Ecuador, Peru
and Venezuela and general
corporate purposes.
The securities to be issued under the Offering will be offered
by way of private placement in (i) certain of the provinces
of Canada, (ii) the United States and (iii) such
other jurisdictions as may be determined by the Corporation, in
each case, pursuant to applicable exemptions from the prospectus
requirements under applicable securities laws. The Offering is
expected to close on or about June 30,
2021 and is subject to approval of the TSX Venture Exchange
and customary closing conditions.
Forward-Looking Information
Certain information set forth in this press release constitutes
"forward-looking statements" and "forward-looking information"
under applicable securities laws. All information other than
statements of historical fact are forward-looking statements. Some
of the forward-looking statements may be identified by words such
as "expects", "anticipates", "believes", "intends", "projects",
"plans", and similar expressions. This press release includes
certain forward-looking statements concerning the Offering,
including the expected proceeds, the expected closing date, and the
use of the net proceeds, as well as management's objectives,
strategies, beliefs and intentions. These statements are not
guarantees of future performance. Such forward-looking statements
necessarily involve known and unknown risks and uncertainties,
including, for example, the risks inherent in oil and gas
exploration and production activities, volatility in commodity
prices, changes in political conditions, competitive risks and the
availability of financing. Such risks and uncertainties may cause
the Corporation's actual performance and financial results in
future periods to differ materially from any projections of future
performance or results expressed or implied by such forward-looking
statements. There can be no assurance that forward-looking
statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. The Corporation undertakes no obligation to update
forward-looking statements if circumstances or management's
estimates or opinions should change except as required by
applicable securities laws. The reader is cautioned not to place
undue reliance on forward-looking statements.
The securities described in this press release have not been and
will not be registered under the United States Securities Act of
1933, as amended, and may not be offered or sold in the United States or to a U.S. person absent
an available exemption from the registration requirements of such
Act.
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE New Stratus Energy Inc.