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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Triple 8 Energy Ltd. | TSXV:TEE | 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 | - |
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS. Triple 8 Energy Ltd. ("Triple 8" or the "Company") (TSX VENTURE:TEE) is pleased to announce that it has mailed a management information circular to holders of its common shares in connection with a special meeting of shareholders to be held on Thursday, September 9, 2010 at the R.G. Black Boardroom at the offices of McCarthy Tetrault LLP, Suite 3300, 421-7th Avenue S.W., Calgary, Alberta at 3:00 p.m. (Calgary time). The information circular describes, among other things, the particulars of the Company's proposed consolidation of its common shares on a consolidation ratio of one post-consolidation common share for up to every twenty pre-consolidation common shares, the particulars of the proposed name change of the Company to "Hyperion Exploration Corp." and the particulars of the proposed change of auditors of the Company from BDO Canada LLP to KPMG LLP. The board of directors of the Company has approved the proposed share consolidation, name change and change of auditors, all of which will be submitted for approval by the shareholders at the meeting. In addition to shareholder approval, the consolidation and the name change are subject to receipt of approval of the TSX Venture Exchange. The Company currently has 200,625,667 issued and outstanding common shares. In the event that the consolidation is completed on a twenty for one basis, the Company would have approximately 10,031,283 common shares outstanding following the consolidation. In addition, the exercise price and number of common shares of the Company issuable upon the exercise of outstanding options, purchase warrants and other convertible securities will be proportionally adjusted upon the implementation of the proposed share consolidation. Approval of the proposed consolidation and name change by shareholders would, subject to approval of the TSX Venture Exchange, allow the board of directors of the Company to implement the proposed consolidation and name change without any further action on the part of shareholders. The board of directors of the Company currently anticipates that the proposed share consolidation and name change will become effective as soon as practicable following the date of the special meeting. Further details with regard to the background, reasoning and impact of the proposed share consolidation and the proposed name change are contained in the Company's information circular dated August 13, 2010, a copy of which is available electronically at www.sedar.com. The Company is also pleased to announce the appointment of Mr. Rod Maxwell as Chairman of the Board of Directors of the Company. Mr. Maxwell is a Chartered Accountant and Chartered Business Valuator and is presently the Managing Director of StoneBridge Merchant Capital Corp. Mr. Maxwell serves on the Board of Directors of a number of public and private companies, including Cathedral Energy Services Ltd., KDC Energy Ltd. and Trydor Industries (Canada) Ltd. The Company also wishes to advise that a finder's fee of $50,000 was paid to Macquarie Private Wealth Inc. for services provided to the Company in connection with the Company's recently completed recapitalization announced on July 23, 2010. Forward Looking and Cautionary Statements As indicated above, completion of the proposed consolidation and name change is subject to a number of conditions, including but not limited to, TSX Venture Exchange approval. There can be no assurance that the proposed consolidation and/or name change will be completed as proposed or at all. Investors are cautioned that, except as disclosed in the management's information circular prepared in connection with the special meeting at which shareholder approval will be sought for the proposed consolidation and name change, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Except for statements of historical fact, this news release may contain 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" and other similar words, or statements that certain events or conditions "may" or "will" occur. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control, and no assurance can be given that the proposed consolidation or name change will be completed on time, or at all. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect the Company's financial results is contained in the Company's filings with Canadian securities regulators, which filings are available at www.sedar.com.
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