Silk Road Energy Inc.
TSX VENTURE : SLK.P

Silk Road Energy Inc.

July 21, 2015 13:25 ET

Silk Road Energy Inc. Announces Issuance of Shares in Respect of Debt Settlement

CALGARY, ALBERTA--(Marketwired - July 21, 2015) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS.

Silk Road Energy Inc. (the "Corporation" or "Silk Road") (TSX VENTURE:SLK.P) received approval from the TSX Venture Exchange on July 6, 2015 in respect of its previously announced shares for debt proposal and has now issued 2,640,000 common shares in the share capital of the Corporation (the "Common Shares") at a deemed price of $0.10 per Common Share to three creditors of the Corporation, (the "Debt Settlement"). The debt owing by the Corporation to the three creditors is now extinguished.

Vladimir Katic of Hermosa Beach, California, President, Chief Executive Officer and director of Silk Road, was issued 1,200,000 Common Shares pursuant to the Debt Settlement. As a result of the Debt Settlement, Mr. Katic now holds a total of 1,400,000 Common Shares representing 11.65% of the currently issued and outstanding Common Shares of the Corporation.

Zulfikar Rashid of Calgary, Alberta, a former director and officer of Silk Road, was issued 720,000 Common Shares pursuant to the Debt Settlement. As a result of the Debt Settlement, Mr. Rashid now holds a total of 1,695,000 Common Shares representing 14.11% of the currently issued and outstanding Common Shares of the Corporation.

Disinterested shareholder approval in connection with the Debt Settlement was obtained at the Corporation's annual and special meeting of the shareholders on March 19, 2015.

Silk Road had previously announced its intention to enter into the Debt Settlement in a News Release dated January 30, 2015.

A copy of the early warning report in respect of Mr. Katic and Mr. Rashid to be filed with the applicable securities commissions can be found at www.sedar.com.

Cautionary Statements:

The TSXV has neither approved nor disapproved the contents of this press release.

Neither TSXV Venture Exchange Inc. nor its Regulations Services Provided (as that term is defined in the policies of the TSXV Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Silk Road Energy Inc.
    Derrick Colling
    Chief Financial Officer
    (780) 416-3989