CALGARY, Aug. 13, 2014 /CNW/ - PanTerra Resource Corp. ("PanTerra" or the "Corporation") (TSX VENTURE: PRC) is pleased to advise that it is proposing to consolidate its issued and outstanding common shares (the "Common Shares") and to change the name of the Corporation to "Ikkuma Resources Corp." Additional information relating to the proposed consolidation and name change is included in the management information circular of the Corporation dated August 11, 2014 (the "Information Circular"), which is available on the Corporation's SEDAR profile at www.sedar.com.
PanTerra has mailed the Information Circular with respect to its annual and special meeting of shareholders scheduled for September 17, 2014 (the "Meeting"). As part of that Meeting, shareholders of the Corporation will be asked to approve a special resolution to amend the articles of the Corporation to consolidate the issued and outstanding Common Shares on the basis of one (1) post-consolidation Common Share for every ten (10) pre‑consolidation Common Shares (the "Consolidation"). In addition, shareholders of the Corporation will be asked to approve a special resolution to change the name of the Corporation to "Ikkuma Resources Corp.", or such other name as the board of directors may, in its sole discretion, determine to be appropriate (the "Name Change").
There are currently 798,144,522 Common Shares issued and outstanding. Upon the Consolidation becoming effective, it is expected there will be approximately 79,814,452 post-consolidation Common Shares in the capital of the Corporation issued and outstanding.
The board of directors of the Corporation has concluded that the Consolidation would be in the best interests of the shareholders of the Corporation as it could lead to increased interest by a wider audience of potential investors and could better position the Corporation to obtain financing and pursue acquisition opportunities.
The Consolidation and Name Change are both subject to shareholder and regulatory approval, including the approval of the TSX Venture Exchange.
PanTerra is a junior public oil and gas company listed on the TSX Venture Exchange under the symbol "PRC", with conventional and unconventional assets in Western Canada. The technical team has worked together for over a decade in the Foothills Region of Western Canada, through two successful, publicly traded companies. The unique skills and repeat success at exploiting a complex, potentially prolific play type are fundamental ingredients for a successful growth-oriented company in Western Canada. Corporation information can be found at: www.panterraresource.com.
NEITHER 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.
SPECIAL NOTE REGARDING FORWARD-LOOKING INFORMATION
This press release contains certain statements or disclosures relating to PanTerra that are based on the expectations of PanTerra as well as assumptions made by and information currently available to PanTerra which may constitute forward-looking information under applicable securities laws. All such statements and disclosures, other than those of historical fact, which address activities, events, outcomes, results or developments that PanTerra anticipates or expects may, or will occur in the future (in whole or in part) should be considered forward-looking information. In some cases, forward-looking information can be identified by terms such as "forecast", "future", "may", "will", "expect", "anticipate", "believe", "potential", "enable", "plan", "continue", "contemplate", "pro-forma", or other comparable terminology. In particular, this press release makes reference to the proposed Consolidation and Name Change. Readers are cautioned that there is no assurance that the Consolidation and Name Change referenced herein will proceed. Certain conditions must be met before the Consolidation and Name Change are effected. Such conditions include the receipt of all necessary shareholder and regulatory approvals, including the approval of the TSX Venture Exchange. There is no assurance that the required shareholder and regulatory approvals will be received. If such approvals are not obtained, this could have an adverse effect on the Corporation. Many factors could cause the performance or achievement by PanTerra to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements. These factors include the failure to obtain the required approvals. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement. The Corporation is not under any duty to update any of the forward-looking statements after the date of this press release or to conform such statements to actual results or to changes in the Corporation's expectations and the Corporation disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
SOURCE PanTerra Resource Corp.