Groundstar Resources Limited
TSX VENTURE : GSA

Groundstar Resources Limited

September 04, 2015 16:39 ET

Groundstar Resources Limited Provides Corporate Update

CALGARY, ALBERTA--(Marketwired - Sept. 4, 2015) -

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Groundstar Resources Limited ("Groundstar" or the "Company") (TSX VENTURE:GSA) is providing an update with respect to its next scheduled meeting of shareholders. As per a press release dated July 13, 2015, Groundstar announced that it was calling a shareholders meeting for January 13, 2016 in response to a requisition by a shareholder who is a former consultant of the Company. As the Company is required to hold a shareholders meeting in each calendar year in accordance with the policies of the TSX Venture Exchange, the Company is of the view that holding an additional shareholders meeting would impose unnecessary expenses on the Company during a period of rebuilding. As such, the Company determined that it was in the best interests of shareholders to hold the requisitioned shareholders meeting in conjunction with its annual general meeting which would normally occur in January. As a result, the Company set January 13, 2016 as the date for the next meeting of shareholders, to deal with both the usual annual items of business and any business which may be raised by the requisition.

It has come to the attention of the Company that after the Company called its shareholders meeting for January 13, 2016, a notice of meeting was filed under the Company's SEDAR profile for a special meeting to be held on October 8, 2015 with a record date of September 8, 2015. This filing did NOT originate from management of the Company and was posted by the aforementioned shareholder without authority from the Company and, in the Company's view, without any legal basis for same. The Company intends to take any and all actions it deems necessary to prevent the special meeting called for October 8, 2015 from occurring. The Company feels that any items of business which the requisitioning shareholder wishes to have dealt with can be attended to at the annual general and special meeting called for January 13, 2016 and that holding two shareholders meetings within 3 months of each other would be an inefficient use of Company funds and would therefore not be in the best interests of shareholders. The Company will provide further particulars and information in future news releases.

About Groundstar Resources Limited

Incorporated in 1968, Groundstar Resources Limited is a publicly traded oil and gas company actively growing a portfolio targeting producing oil and gas assets with development opportunities and exploration upside. The Company's current portfolio of resource assets provides both near term and longer term potential. Groundstar is quoted and trades under the ticker symbol "GSA" on the TSX Venture Exchange.

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 press release.

This press release contains forward-looking statements within the meaning of applicable securities laws, including expectations regarding the holding of its next shareholders meeting and the associated timing thereof. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. These statements are subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. These risks include, but are not limited to: the risks associated with the oil and gas industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve and resource estimates; the uncertainty of estimates and projections relating to production, costs and expenses and health, safety and environmental risks), commodity price and exchange rate fluctuation, uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. The Company's forward-looking statements are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligations to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

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