SINGAPORE, SINGAPORE--(Marketwired - Oct. 31, 2016) - Terra Nova Energy Ltd. ("Terra Nova" or the "Company") (TSX VENTURE:TGC)(OTCQX:TNVMF) is pleased to announce the results at the Company's annual general and special meeting held on October 28, 2016 (the "Meeting").
Shareholders voted in favor of all items put forward by the Board of Directors. Shareholders set the number of directors at seven and approved the appointment of Henry Aldorf, Nico Civelli, Steve Harding, Mark Jarvis, Lyle Davis, Robert McMorran and Mark Lawson to the Board of Directors.
Shareholders also approved the appointment of the Company's auditors, Dale Matheson Carr-Hilton Labonte LLP, the adoption of the Company's rolling 10% stock option plan and the change of jurisdiction from the province of Alberta to the province of British Columbia (the "Continuance"). The Continuance was completed with an effective date of October 31, 2016.
Further, the shareholders approved Carlo Civelli becoming a new "control person" of the Company. On September 27, 2016, subject to TSXV and disinterested shareholder approval, the Company agreed to issue Perseville Investing Inc. ("Perseville") 40,000,000 common shares ("Shares") at a deemed price of $0.05 per share for a deemed value of $2,000,000 in consideration of Perseville assigning to the Company a 30.833% Working Interest ("Interest") in Petroleum Exploration License ("PEL" or "Licenses") 112 and 444, and a 1.47% gross overriding royalty interest on the PELs. The Licenses are located on the western flank of the Cooper Eromanga Basin in the State of South Australia with Terra Nova being the operator. The Company will close the transaction on receipt of final approval from the TSXV.
All resolutions received at least 99% approval from the shareholders who voted, either in person or by proxy, at the Meeting.
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.