HORTEN, NORWAY--(Marketwired - May 16, 2014) - In June 2013, Visionaire Invest AS ("Visionaire"), the head office of which is located at Nedre vei, Karljohansvern, Horten, Norway 3186, acquired (the "Acquisition") 20,000,000 common shares (the "Shares") in the capital of Continental Energy Corporation (the "Company"). The Shares represent approximately 16.2% of the currently issued and outstanding common shares of the Company (the "Common Shares"). In exchange for the issuance of the Shares at a deemed price of approximately $0.045 per Share, the Company acquired 51% of the issued and outstanding shares of Visionaire Energy AS. Immediately following the Acquisition, Visionaire beneficially owned 20,000,000 Shares representing approximately 16.3% of the then issued and outstanding Common Shares of the Company.
Shortly after the completion of this transaction, Mr. Johnny Christiansen, the Founder and CEO of Visionaire, was appointed to the Board of Directors of the Company and continues to serve in such capacity.
Depending on market conditions and other factors, Visionaire may from time to time acquire additional securities of the Company, continue to hold securities of the Company or dispose of some or all of the securities of the Company in the open market, by private agreement or otherwise. Visionaire has engaged in discussions with management, the Board of Directors and certain shareholders of the Company, and may engage in discussions with other shareholders of the Company, regarding the Company's prospects and potential means for enhancing shareholder value, including, without limitation, with respect to the strategic direction of the Company and the composition of the Company's Board of Directors. As a result, Visionaire may also seek to initiate or participate in such other actions as it deems necessary to enhance the value of its investment in the Company, including, without limitation, actions intended to cause changes to the strategy or Board composition of the Company.
The Acquisition was exempt from prospectus and registration requirements. The exemption from securities legislation relied on was the accredited investor exemption set out in Section 2.3 of National Instrument 45-106 - Prospectus and Registration Exemptions. The distribution of the Shares met the requirements of the exemption set out therein because Visionaire has net assets of at least $5,000,000.
This press release is issued pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which also requires a report to be filed with regulatory authorities in each of the jurisdictions containing additional information with respect to the foregoing matters (the "Early Warning Report"). A copy of the Early Warning Report will appear with the Company's documents on the SEDAR website at www.sedar.com. A copy of the Early Warning Report may also be obtained by contacting Johnny Christiansen at firstname.lastname@example.org or +47 900 55558.
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.