Tanager Energy Inc.

Tanager Energy Inc.

July 28, 2016 11:04 ET

Tanager Energy Announces Changes to the Board of Directors and New By-Laws Including Advance Notice Provision

CALGARY, ALBERTA--(Marketwired - July 28, 2016) - Tanager Energy Inc. ("Tanager" or the "Corporation") (TSX VENTURE:TAN) announced today that Mr. Carson W. (Bill) Chemerinski, Interim Secretary of Tanager, has been appointed to the Board of Directors.

Tanager also announced that the Board of Directors approved the adoption of new by-laws, which include an advance notice provision (the "Advance Notice Provision"), governing the nomination process for Board of Director candidates. The Advance Notice Provision imposes a deadline for shareholders to submit nominations prior to any annual or special shareholder meeting. In the case of an annual general meeting of shareholders, notice to Tanager's Chief Executive Officer must be made not less than 30 nor more than 65 days prior to the date of the annual general meeting of shareholders; provided, however, that in the event that the annual general meeting of shareholders is called for at a date that is less than 50 days after the date (the "Notice Date") on which the first public announcement of the date of the annual meeting was made, notice by the nominating shareholder must be given not later than the close of business on the tenth (10th) day following the Notice Date. In the case of a special meeting (which is not also an annual general meeting) of shareholders called for the purpose of electing directors (whether or not called for other purposes), notice to the Chief Executive Officer of Tanager must be made not later than the close of business on the fifteenth (15th) day following the date on which the first public announcement of the date of the special meeting of shareholders was made.

The benefit of the Advance Notice Provision is to foster a variety of interests of the shareholders and Tanager by ensuring that all shareholders, including those participating in a meeting by proxy rather than in person, receive adequate notice of the nominations to be considered at a meeting and can thereby exercise their voting rights in an informed manner. In addition, the Advance Notice Provision is intended to provide a reasonable framework for shareholders to nominate directors and should assist in facilitating an orderly and efficient meeting process.

At the next annual general and special meeting of shareholders of Tanager, the shareholders will be asked to confirm and ratify the new by-laws. A copy of the new by-laws have been filed under Tanager's SEDAR profile at www.sedar.com.

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

Tanager Energy Inc. is a Calgary, Alberta based corporation engaged in the exploration of oil and gas and minerals with its operations office in Calgary, Alberta. The Corporation's common shares are listed on the TSX Venture Exchange under the trading symbol "TAN".

Contact Information

  • Tanager Energy Inc.
    Thomas M. Crain, Jr.
    Interim Chairman of the Board and Chief Executive Officer