Octant Energy Corp.
TSX VENTURE : OEL

Octant Energy Corp.

April 07, 2015 09:00 ET

Octant Energy Corp. Announces Shareholder Approval and Closing for the Sale of Subsidiary Assets

CALGARY, ALBERTA--(Marketwired - April 7, 2015) - Octant Energy Corp. (TSX VENTURE:OEL) (the "Corporation" or "Octant") is pleased to announce the results of voting at its special meeting of shareholders held April 6, 2015.

At the special meeting, the shareholders approved the sale of all or substantially all of the assets (the "Assets") of the Corporation to an arm's length private company (the "Purchaser"). Pursuant to the Purchase and Sale Agreement, the Corporation (through its subsidiary) has completed the sale of the Assets to the Purchaser for an aggregate price of $1,750,000.

The Assets that were sold comprised all, or substantially all, of the oil and gas assets of the Corporation. The Corporation intends to use the proceeds from the transaction to offset general and administrative expenses and fund working capital requirements which will include pursuing other international oil and gas opportunities.

The shareholders of the Corporation also approved the amendment of the Articles of the Corporation to consolidate the common shares in the capital of the Corporation at a ratio ranging between ten-to-one (10:1) and fifteen-to-one (15:1) and for the delisting of the Corporation's common shares from the NEX board of the TSX Venture Exchange, if the Board so determines to proceed with such actions in the future.

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 NEWS RELEASE.

This news release contains certain statements that constitute forward-looking statements under applicable securities legislation including estimates as to: completion of the transaction and future opportunities for Octant. All statements other than statements of historical fact are forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue", or the negative of these terms or other comparable terminology. These statements are only as of the date of this document and Octant does not undertake to publicly update these forward-looking statements except in accordance with applicable securities laws. Forward-looking statement are based on current expectations, estimates, projections and assumptions, which Octant believes are reasonable but which may prove to be incorrect and therefore such forward-looking statements should not be unduly relied upon. These forward-looking statements involve known and unknown risks and uncertainties which may cause actual results or performance to be materially different from any future results or performance expressed or implied herein.

Actual timelines may vary from those anticipated in this news release and such variations may be material. Octant undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change, unless required by law.

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