Octant Energy Corp.
TSX VENTURE : OEL

Octant Energy Corp.

May 30, 2013 10:41 ET

Octant Energy Corp. Corporate Update

CALGARY, ALBERTA--(Marketwired - May 30, 2013) -

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Octant Energy Corp. (TSX VENTURE:OEL) ("Octant" or the "Company") announces that all matters put forward at the Annual General and Special Meeting held on May 29, 2013 were approved.

Included in these approvals was the amendment of the Articles of the Company to add a provision that requires advance notice to the Company in circumstances where director nominations are made by shareholders of the company other than pursuant to a proposal or a requisition of shareholders made in accordance with the Business Corporations Act (British Columbia).

Among other things, the advance notice provision fixes a deadline by which holders of record of common shares of the Company ("Common Shares") must submit director nominations to the Company prior to any annual or special meeting of shareholders and sets forth the information that a shareholder must include in the notice to the Company.

The alteration to the Company's Articles will be effected immediately. A copy of the amended Articles will be filed under the Company's SEDAR profile.

Also, further to the news release dated March 19, 2013, the Company has completed the conditions for the issuance of the shares pursuant debt settlement agreements to settle outstanding payables and management fees, for the aggregate settlement amount of $182,291.69, through the issuance of an aggregate of 1,822,916 Common Shares, at a price of $0.10 per Common Share. Included in the amounts settled are $46,669 payable to the President and CEO of the Company and $135,622 payable to Silvercup Operations, a corporation controlled by Richard Schmitt. The debt settlement received disinterested shareholder approval at the shareholder meeting.

The Common Shares are subject to a four-month hold period from the date of issuance in accordance with applicable securities laws.

The transactions contemplated under the debt settlement agreements are subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including that of the TSX Venture Exchange.

Reader Advisory

This press release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future exploration drilling, exploration and production activities and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, regulatory approvals, continued availability of capital and financing, and general economic, market or business conditions.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

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.

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