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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Primeline Energy Holdings Inc | TSXV:PEH | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.01 | 0.005 | 0.01 | 0 | 01:00:00 |
The extension of the maturity of the 2018 B Bonds is a “related party transaction” for Primeline within the meaning of Multilateral Instrument 61-101 (“MI 61-101”), in that Mr. Hwang is Primeline’s President, Chairman and majority shareholder. Primeline will rely on the exemption from the valuation requirement of MI 61-101 at Section 5.5(b) of MI 61-101, which it is entitled to do as none of its securities are listed on the Toronto Stock Exchange or certain other stock exchanges outside of the United States and Canada. Primeline will rely on the exemption from the minority approval requirement of MI 61-101 at Section 5.7(1)(e) of MI 61-101, on the basis that (i) repayment of the 2018 B Bonds, in the absence of the extension, would have resulted in serious financial difficulty for Primeline; (ii) the extension is designed to improve the financial condition of Primeline; (iii) Primeline is not insolvent; (iv) Primeline has one or more independent directors in respect of the transaction, and (v) Primeline's board, and at least two thirds of the independent directors, each acting in good faith, have determined that (i) and (ii) apply, and that the terms of the transaction are reasonable in the Primeline’s circumstances. Primeline believes it is reasonable and necessary in the circumstances that this press release is filed less than 21 days before the extension, as Primeline required the extension from in order to meet its short-term cash requirements.
About Primeline Energy Holdings Inc.
Primeline is an exploration and production company focusing exclusively on China natural resources under petroleum contracts with CNOOC in the East China Sea. The LS36-1 Gas Field has been in production since July 2014. Shares of Primeline are listed for trading on the TSX Venture Exchange under the symbol PEH.
ON BEHALF OF PRIMELINE ENERGY HOLDINGS INC.
Signed “Andrew Biggs”
Chief Executive Officer
Contact:
Primeline Energy Holding Inc. | FronTier Merchant Capital Group |
Andrew Biggs, CEO PH: +44 207.499.8888 Fax: +44 560 372 5179 Toll Free: 1.877.818.0688 E-Mail: IR@pehi.com | Robin Cook1411-1 King Street West Toronto, ON M5H 1A1 PH: +1 (416) 809-1738 FAX: +1 (866) 749-0447 E-Mail: robin@frontiermcg.com www.frontiermcg.com |
Please visit the Company’s website at www.primelineenergy.com. Should you wish to receive Company news via email, please email robin@frontiermcg.com and specify “Primeline Energy” in the subject line.
Forward-Looking Statements
Some of the statements in this news release may contain forward-looking information, which involves inherent risk and uncertainty affecting the business of Primeline. Although these statements are based on assumptions management believes to be reasonable, actual results may vary from those anticipated in such statements. Exploration for oil and gas is subject to the inherent risk that it will not result in a commercial discovery.
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.
1 Year Primeline Energy Chart |
1 Month Primeline Energy Chart |
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