CALGARY, ALBERTA--(Marketwired - July 29, 2016) - Stonehaven Exploration Ltd. ("Stonehaven" or the "Company") (TSX VENTURE:SE) reports that Stonehaven, Deventa Energy Inc. ("Deventa") and 1973747 Alberta Ltd. ("Stonehaven Subco"), a wholly-owned subsidiary of the Stonehaven, have completed the previously announced "three-cornered amalgamation" pursuant to which Deventa and Stonehaven Subco have amalgamated (the "Merger").
The Merger, as disclosed in the joint management information circular of Stonehaven and Deventa dated June 28, 2016 (the "Joint Information Circular"), was approved by 99.84% of the votes cast by Stonehaven shareholders at the annual and special meeting of Stonehaven shareholders (the "Stonehaven Meeting") held earlier today, after excluding the votes cast by Non-Arm's Length Parties in accordance with the policies of the TSX Venture Exchange. All other matters at the Stonehaven Meeting were also approved. The Merger was also approved by 100% of the votes cast by Deventa shareholders at the special meeting of Deventa shareholders held earlier today.
The Merger resulted in former shareholders of Deventa receiving 0.8261 of a common share of Stonehaven (a "Stonehaven Share") for each common share of Deventa (a "Deventa Share") held by them. Further details regarding the terms of the Merger are set out in the Joint Information Circular which is available on SEDAR at www.sedar.com.
The issued and outstanding share capital of Stonehaven is currently comprised of 24,620,117 Stonehaven Shares. A letter of transmittal was previously mailed to former Deventa shareholders providing instructions as to how such shareholders should submit their Deventa Shares to be exchanged for Direct Registration Statement Advices ("DRS Advice") representing the Stonehaven Shares to which they are entitled pursuant to the Merger. Stonehaven encourages all former Deventa shareholders that have not yet done so to submit the letter of transmittal pursuant to the instructions contained therein along with their share certificates to receive their DRS Advice representing Stonehaven Shares.
Pursuant to the terms of the Merger, Stonehaven's management team includes Malcolm Todd as Chief Executive Officer, Peter Cowling as President, Gordon Mayr as Chief Operating Officer and Sarah Hundal as Chief Financial Officer. The Stonehaven board of directors consists of six members, being Daniel Halyk, Todd McAllister, Bruce Pachkowski, Malcolm Shaw, Malcolm Todd and Colin Watt.
Further information relating to Stonehaven is also available on its website at www.stonehavenexp.com.