TORONTO, ONTARIO--(Marketwired - Jan. 13, 2014) - Stetson Oil & Gas Ltd. (TSX VENTURE:SSN), a Forbes & Manhattan Energy Group Company, will redeem all of the company's issued and outstanding preference shares in accordance with their terms on January 20, 2014. Stetson issued the preference shares on November 18, 2008 in connection with the company's claim against Stifel Nicolaus Canada Inc. (formerly Thomas Weisel Partners Canada Inc.) for the 2008 failed bought deal financing. The redemption follows the lapse of the entitlements of the preference shareholders to receive a portion of any litigation funds secured by Stetson prior to December 31, 2013.
The redemption price will be $0.0001 in cash per preference share, representing the amount of paid up capital of the preference shares. A notice of redemption providing additional details will be mailed to the holders of the preference shares on or about January 13, 2014.
As soon as reasonably practicable following January 20, 2014, Stetson will apply to the TSX Venture Exchange to delist the preference shares from trading.
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the redemption and delisting of the Stetson preference shares. 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.
NEITHER 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 RELEASE.