Petrox Resources Announces Extension of LOI for the Proposed Transaction with Travel Plus International LLC

Calgary, Alberta--(Newsfile Corp. - July 29, 2019) - Petrox Resources Corp. (TSXV: PTC) ("Petrox") is pleased to announce that, further to its news release of April 9, 2019 in which Petrox announced the signing of a non-binding letter of intent on involving an arm's length transaction with Travel Plus International LLC ("Travel Plus") that will result in a reverse take-over of Petrox by the security holders of Travel Plus (the "Transaction"), the deadline to enter into a definitive agreement with respect to the Transaction has been extended to November 30, 2019 or such other date as may be agreed upon by the parties, failing which the LOI will be terminated.

Trading of Petrox Shares

Pursuant to the policies of the TSXV, trading of the shares of Petrox has been halted on the TSXV and will remain halted until the conditions of the TSXV for the resumption of trading have been met.

FOR FURTHER INFORMATION, PLEASE CONTACT:
Edwin Tam, Chief Executive Officer and Director; or
Alan Chan, Chief Financial Officer and Director
(403) 270 - 2290

Completion of the transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and if applicable, disinterested shareholder approval. Where applicable, the transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of Petrox Resources Corp. should be considered highly speculative.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this news release.

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/46596