Mitra Energy Inc.
TSX VENTURE : MTE

September 28, 2015 17:41 ET

Mitra Energy Inc. Announces Results from Annual General and Special Meeting of Shareholders and Creation of New Common Share Class

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 28, 2015) -

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Mitra Energy Inc. (TSX VENTURE:MTE) (the "Company") is pleased to announce the results of its annual general and special meeting (the "Meeting") of shareholders held on September 25, 2015. All items put forth at the Meeting were approved, including the adoption of a new stock option plan and the re-election of each of Jerry Korpan, Robert Lambert, Eric Schwitzer, Iain McLaren and Paul Ebdale to the board of directors.

In addition, the special resolution authorizing the creation of a new class of common shares (to be designated the "Class B Common Shares") and the special rights and restrictions (the "Rights") to be attached to the Class B Common Shares and the Company's current class of common shares (the "Common Shares") was approved by the requisite two thirds majority of shareholder votes cast at the Meeting, and as a result, the Company will be amending its articles and notice of articles today to create the Class B Common Shares and attach the Rights to its share classes (the "Article Amendments").

Once the Article Amendments have been effected, holders of Common Shares will have the right to convert (the "Conversion Right") each Common Share held at any time at the option of the holder on or prior to November 30, 2015 (the "Conversion Deadline") into fully paid and non-assessable Class B Common Shares on the basis of one Class B Common Shares for each one Common Share in respect of which the Conversion Right is exercised. Shareholders wishing to convert Common Shares into Class B Common Shares prior to the Conversion Deadline must provide at least two business days' prior written notice (a "Conversion Notice") to the Company at its registered office, which notice must set out the date for conversion and number of shares to be converted. A Conversion Notice must be accompanied by the certificate(s) representing all Common Shares which a shareholder wishes to convert.

As further described in the management information circular prepared in connection with the Meeting, the Class B Common Shares will be equal to the Common Shares in all respects except that the Class B Common Shares will not carry the right to vote for the election or removal of directors. Shareholders are cautioned that the Class B Common Shares will have lesser rights than the existing Common Shares by virtue of the fact that they will not carry the right to vote for the election or removal of directors, and are not intended to be listed on the TSX Venture Exchange (the "TSX-V") or any other stock exchange.

The TSX-V has conditionally approved the Article Amendments.

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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