Westcore Energy Ltd.

Westcore Energy Ltd.

April 21, 2016 20:41 ET

Westcore Announces Results of Annual and Special Meeting of Shareholders

SASKATOON, SASKATCHEWAN--(Marketwired - April 21, 2016) - WESTCORE ENERGY LTD. (TSX VENTURE:WTR) ("Westcore" or the "Company") is pleased to announce that, at its annual and special meeting of shareholders held April 20, 2016, Westcore's shareholders elected Tom MacNeill, Andrew Davidson, Ray Hodgkinson, George Jones and Paul Conroy as the Company's directors. The resolutions reappointing Davidson & Co. LLP as auditors for the Company and approving the continuation of the Company's stock option plan were all approved. Support for these resolutions ranged from 99.85 to 100 per cent of the votes cast.

The previously announced transaction with Allstar Energy Limited, a wholly-owned subsidiary of 49 North Resources Inc., wherein Westcore will acquire a 100% working interest in the oil and gas properties of Allstar and FNR, in addition to the subsequent acquisition of all associated oil and gas property and equipment of Allstar and FNR was overwhelmingly approved, with 99.91% of the votes cast by disinterested shareholders being in favour. In conjunction with this, the special resolution of shareholders authorizing and approving of a one-for-five share consolidation was also approved with 99.82% of votes casted in favour.

This pending acquisition represents a significant milestone for Westcore, as it transitions into a producing oil and gas company, with a focus on heavy oil in west central Saskatchewan. The transaction with FNR and Allstar, along with the share consolidation, are expected to be completed in the second quarter of 2016.

Completion of the Transaction is subject to a number of conditions including, but not limited to, completion of satisfactory due diligence, execution of a definitive agreement and receipt of approval from the TSX Venture Exchange. There are no finder's fees, nor any other similar compensation payable in connection with the Transaction. There can be no assurance that the Transaction will be completed as proposed or at all.

We seek Safe Harbor.

Reader Advisory

Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. In particular, forward-looking information in this press release includes, but is not limited to, the potential Transaction, the completion thereof and receipt of required approvals and the potential future production of petroleum products from the properties that are the subject of the Transaction. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.

Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada, the United States and globally; industry conditions, governmental regulation, including environmental regulation; commodity prices; unanticipated operating events or performance; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; competition for, among other things, capital, skilled personnel and supplies; changes in tax laws; and the other risk factors disclosed under our profile on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.

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.

Contact Information

  • Westcore Energy Ltd.
    Andrew Davidson
    Vice President and Chief Operating Officer
    (306) 653-2692