Petroforte International Ltd.
TSX VENTURE : PFI

Petroforte International Ltd.

December 18, 2013 12:44 ET

Petroforte Announces the Results of the Annual and Special Meeting of Shareholders

CALGARY, ALBERTA--(Marketwired - Dec. 18, 2013) -

NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA

Petroforte International Ltd. ("Petroforte" or the "Company") (TSX VENTURE:PFI) is pleased to report the results of its annual and special meeting of shareholders held December 17, 2013 (the "Shareholders Meeting").

Election of Directors:

Each of the current directors, namely, W. Allan King, Kevin L. Adair, Harry Knutson, Mark Shilling, Stuart B. McDowall and Hugh Ross, were re-elected for another term and Bradley Warren Gabel was elected as a new director. Mr. Gabel will serve as director effective immediately subject to review of his Personal Information Form by the TSX Venture Exchange (the "Exchange"). Each of the directors received over 98% of the votes in favor of his re-election.

Share Consolidation:

The shareholders voted to approve the special resolution to consolidate the Company's issued and outstanding Shares on the basis of one (1) new common share of the Company for every six (6) existing Shares (the "Consolidation"). The Company plans to proceed with the Consolidation on January 30, 2014, or such earlier or later date as the Company determines and the Exchange allows, subject to final approval thereof by the Exchange and applicable securities laws.

Name Change:

Shareholders also voted in favour of a special resolution authorizing the change in name of the Company from "Petroforte International Ltd." to "Canamax Energy Ltd." (the "Name Change"). The Company plans to proceed with the Name Change on January 30, 2014 or such earlier or later date as the Company determines and the Exchange allows, subject to final approval thereof by the Exchange and applicable securities laws.

Other Shareholder Resolutions:

Shareholders voted in favour of the other resolutions voted on at the Shareholders Meeting, being the appointment of KPMG LLP, Chartered Accountants as auditors for the fiscal year ending February 28, 2014, re-approval of the Company's stock option plan and authorization of the reduction of the stated capital account by an amount of $23,374,105.

About Petroforte

Petroforte is a junior oil and gas company headquartered in Calgary, Alberta engaged in the exploration, development and production of hydrocarbons within Alberta and Saskatchewan.

Neither the Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This news release contains forward-looking statements. The use of the words "may", "believe", "could", "would", "might", or "will be taken", "occur" or "be achieved" and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The forward-looking statements set forth in this news release are subject to various risks and other factors which could cause actual results to differ materially from those expressed or implied in the forward-looking statements. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. You should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company disclaims any intention or obligation to update or revise any of the forward-looking statements in this news release, whether as a result of new information, future events or otherwise, or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.

Contact Information

  • Petroforte International Ltd.
    Harry Knutson
    Lead Board Member
    (604) 724-3212

    Petroforte International Ltd.
    Allan King
    President, CEO & Director
    (587) 779-4259