Opal Energy Corp.

Opal Energy Corp.

May 27, 2016 11:10 ET

Opal Energy Corp. Reports 2016 Annual and Special Meeting Results

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 27, 2016) - Opal Energy Corp. (CSE:OPA) (the "Company" or "Opal") is pleased to report that all matters submitted to the shareholders of the Company (the "Shareholders") for approval as set out in the Company's Notice of Annual and Special Meeting of Shareholders and Management Information Circular dated April 21, 2016, were approved by the requisite majority of votes cast at the annual general and special meeting of Shareholders held on May 26, 2016 in Vancouver (the "AGM").

At the AGM, the Shareholders: approved the appointment of Davidson & Company, LLP as auditors of the Company for the ensuing year at the remuneration to be fixed by the directors; re-approved the stock option plan of the Company; approved and authorized an alteration of the Company's Articles to give the board of directors the authority to change the name of the Company; and approved the Company's proposed acquisition of Versus, LLC (the "Acquisition"). Additionally, the following directors were elected by the Shareholders for the ensuing year, or until the closing of the Acquisition: Michael Curtis, David Hughes, Wayne Tisdale, Brandon Boddy and Gerald Tuskey, and the following directors were elected by the Shareholders to serve from the closing of the Acquisition until the close of the next annual meeting of Shareholders: Matthew Pierce, Brian Tingle, Michelle Gahagan, Keyvan Peymani and Paul Vlasic.

About Opal Energy Corp.

Opal Energy is a publicly traded mineral exploration company based in Vancouver, British Columbia. Its principal activities currently consist of evaluating, acquiring, exploring and developing mining properties. The Acquisition will constitute a fundamental change pursuant to the policies of the Canadian Securities Exchange (the "Exchange").

Reader Advisory

Certain statements in this release are forward-looking statements, which include completion of the proposed Transaction and related financing, regulatory approvals and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding looking wording such as "may", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. 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 based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, estimates, forecasts, projections and other forward looking statements will not occur. These assumptions, risks and uncertainties include, among other things, the state of the economy in general and capital markets in particular, and other factors, many of which are beyond the control of Opal. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

The forward-looking statements contained in this press release are made as of the date of this press release. Except as required by law, Opal disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, Opal undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.

Completion of the Acquisition is subject to a number of conditions, including but not limited to, Exchange acceptance and completion of a non-brokered private placement in connection. There can be no assurance that the Acquisition will be completed as proposed or at all.

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