SINGAPORE, SINGAPORE--(Marketwired - Nov. 3, 2016) - Terra Nova Energy Ltd. ("Terra Nova" or the "Company") (TSX VENTURE:TGC)(OTCQX:TNVMF)(FRANKFURT:GLTN) announces that it intends to consolidate its issued and outstanding common shares on the basis of one post-consolidation common share for four pre-consolidation common shares (the "Consolidation"), to change its name to "Claren Energy Corp." (the "Name Change") and to change its trading symbol to "CLE". The purpose of the Consolidation and the Name Change is to facilitate the Company's ability to attract future transactions, generate greater investor interest and improve trading liquidity.
The Company currently has 87,533,785 common shares issued and 127,533,785 common shares outstanding assuming completion of the transaction with Perseville Investing Inc. ("Perseville") as set out in the news release dated October 31, 2016. Upon completion of the Consolidation, the Company anticipates there will be 21,883,446 common shares issued and 31,883,446 common shares outstanding assuming completion of the transaction with Perseville.
Henry Aldorf, CEO of the Company, stated: "I very much appreciate the overwhelming support from our shareholders which we received at last week's Annual General and Special Meeting. With a new name, a consolidated share structure together with the strong backing from insiders and key shareholders we are well positioned to take advantage of low risk opportunities that present themselves in many OECD countries with existing infrastructure and a ready market. Exciting times are ahead for Claren Energy Corp. with the drilling of a side track well in an existing gas field in Bobocu, Romania."
In accordance with the Company's Articles, the Consolidation and Name Change do not require the approval of the shareholders. The Consolidation, Name Change and change in trading symbol are subject to acceptance from the TSX-V.
About Terra Nova Energy Ltd.
Terra Nova Energy Ltd. is an oil and gas company with a 20.66% working interest in two onshore petroleum exploration licenses ("PELs"), being PEL 112 and PEL 444, located on the western flank of the Cooper Eromanga Basin in the State of South Australia, Australia. Its common shares trade on the TSX Venture Exchange under the symbol "TGC" and its ordinary shares trade in the U.S. on the OTCQX marketplace under the symbol "TNVMF."
This news release contains forward-looking information relating to Terra Nova's intentions to conduct the drilling programs and other statements that are not historical facts. Such forward-looking information is subject to important risks and uncertainties that could cause actual results to differ materially from what is currently expected, for example: risks related to oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, competition from other producers, inability to retain drilling rigs and other services, reliance on key personnel, and insurance risks. Findings by other oil and gas issuers does not necessarily indicate that Terra Nova will be successful in making such findings in the Western Flank. In making such forward- looking statements, Terra Nova has relied upon certain assumptions relating to geological settings, commodity prices, the stability of markets and currencies and the availability of capital to Terra Nova in order to continue with the seismic and drilling programs. You should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While Terra Nova may elect to, Terra Nova is under no obligation and does not undertake to update this information at any particular time, except as required by applicable securities law.
Neither the 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.