PMI Resources Ltd. Completes Pentanova Acquisition
PMI Resources Ltd. ("PMI" or the "Company") (TSXV: PMI), is pleased to announce that it has closed its acquisition of PentaNova Energy Corp. (the "Acquisition"), as previously disclosed by the Company on January 25 and February 10, 2017.
In connection with the acquisition the Company issued an aggregate of 161,641,560 common shares to the Shareholders of PentaNova. In addition Messrs. Serafino Iacono, Jaime Perez Branger, Hernan Martinez and Francisco Sole have been appointed to the Board. Management of the Company now consists of Mr. Luciano Biondi as CEO, Gregg Vernon as President, Chris Reid as CFO and Corporate Secretary, Francisco Bustillos as Vice-President of Corporate Development and Administration and Warren Levy as President, Argentinean Operations. Mr. Robert Kang has resigned as a director and the Company wishes to thank Mr. Kang for his services
In addition to the foregoing, 9,561,000 common shares have been issued on exchange of the previously issued subscription receipts of the Company, which shares are subject to a hold period expiring on June 9, 2017, and 1.6 million common shares were issued as a success fee in respect of the Acquisition, which shares are subject to a hold period expiring on August 5, 2017.
Additional information on the Acquisition and on PentaNova and its properties can be found in the Company's Filing Statement dated March 30, 2017 prepared in respect of the Acquisition, which can be found under the Company's profile at www.SEDAR.com.
Trading in the common shares of the Company has been halted in accordance with the policies of the Exchange and will remain halted until such time as all required documentation has been filed with and accepted by the Exchange in connection with the Company's previously announced Patagonia acquisition and permission to resume trading has been obtained from the Exchange.
SOURCE: PMI Resources Ltd
The Toronto Stock Exchange has neither approved nor disapproved the information contained herein.