TORONTO, ONTARIO--(Marketwired - Nov. 18, 2016) - Stetson Oil & Gas Ltd. (TSX VENTURE:SSN) has negotiated a settlement (the "Settlement") to the debenture previously entered into with Irati Energy Corp. ("Irati") on February 27, 2015, as amended, pursuant to which Stetson purchased a C$2 million convertible debenture from Irati (the "Debenture"). Under the terms of the Settlement Stetson will receive 22,910,840 common shares of Irati in full and final settlement of the principal, interest and extension fees outstanding under the Debenture, being a total of C$2,291,084. Stetson will also have the right to appoint one director to the board of directors of Irati.
Fred Leigh, President & CEO of Stetson, states: "We are excited about Irati's oil shale development project located in Brazil which is strategically located in a producing basin. Oil produced from the Irati oil shale is considered a premium product for the regional industrial market with no refining or pipelines required. It historically demonstrates consistent revenue integrity, trading at a significant premium to Brent. Stetson is excited about the opportunity to be a major shareholder of Irati."
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the terms and conditions of the Settlement and disclosure related to Irati. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Stetson, as the case may be, to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; risks associated with operation in foreign jurisdictions; ability to successfully integrate acquired properties; foreign operations risks; and other risks inherent in the oil and gas industry. Although Stetson has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Stetson does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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