Torrential Energy Ltd. Announces Results of Annual and Special Meeting of Shareholders
CALGARY, ALBERTA-Torrential Energy Ltd. is pleased to announce that its shareholders have approved the previously announced acquisition by Torrential of certain oil and gas assets in the Coutts area of Alberta from a private company in consideration for 1,620,000 common shares of Torrential issued at a deemed price of $0.05 per Common Share. The Common Shares issuable as consideration for the purchased assets will be issued on a post-consolidation basis . Closing of the Acquisition remains subject to certain conditions and is currently scheduled to be completed on or about October 8, 2009.
Additionally, shareholders have approved the consolidation of Torrential’s presently issued and outstanding Common Shares on a 3 for 1 basis as well as changing the Corporation’s name to “Base Oil & Gas Ltd.”. Torrential expects to effect the consolidation and name change immediately prior to the closing of the Acquisition described above.
Subject to the receipt of all necessary regulatory approvals, and provided closing of the Acquisition occurs on October 8, 2009, Torrential expects that the post-consolidation common shares of Base Oil & Gas Ltd. will commence trading on the facilities of the TSX Venture Exchange on or about October 14, 2009 under the trading symbol “BOG”.
ADVISORY: Certain information in this press release constitutes forward-looking statements under applicable securities law. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expects” and similar expressions. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with obtaining applicable regulatory approvals, including the approval of the TSX Venture Exchange. Readers are cautioned that the foregoing list of factors is not exhaustive.
Readers are cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
The forward-looking statements contained in this news release are made as of the date of this news release, and Torrential does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law.
“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.”
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