Saturn Oil & Gas Inc. Announces CEO Presenting at the International Investment Forum and Completes Share Consolidation
Calgary, Alberta--(Newsfile Corp. - October 7, 2021) - Saturn Oil & Gas Inc. (TSXV: SOIL) (FSE: SMK) ("Saturn" or the "Company") is pleased to announce John Jeffrey, CEO of Saturn, will be presenting at the International Investment Forum on October 14, 2021 and that the Company is proceeding with a consolidation (the "Consolidation") of its common shares ("Common Shares") on the basis of 20 pre-Consolidation Common Shares for one (1) post-Consolidation Common Share. The Consolidation was approved by the shareholders of the Company at the Company's annual general and special meeting of shareholders held on June 22, 2021.
International Investment Forum
The International Investment Forum is an online event taking place on October 14, 2021, that provides information on investment trends and ideas, covering all aspects of various industries, from top executives around the world. Saturn is scheduled to present at 11:15 am Eastern Daylight Time (5:15 pm Central European Summer Time). An overview of the exact schedule and presenting companies can be found at www.ii-forum.com.
The Common Shares will commence trading on the TSX Venture Exchange (the "TSXV") on a consolidated basis at the opening of markets on October 13, 2021 under its current TSXV trading symbol, "SOIL", and under the new post-Consolidation CUSIP and ISIN numbers of 80412L883 and CA80412L8832, respectively.
The Consolidation will reduce the number of outstanding Common Shares from 502,907,048 to approximately 25,145,352, subject to rounding. No fractional Common Shares will be issued pursuant to the Consolidation and any fractional shares that would have otherwise been issued will be rounded down to the next lowest whole number.
The Company currently has 268,333,333 listed common share purchase warrants (the "Listed Warrants") outstanding at an exercise price of $0.16 per Common Share, which are currently traded on the TSXV under the symbol SOIL.WT. The Listed Warrants will continue to be traded on the TSXV under this symbol, and will retain their current CUSIP number, following the Consolidation of the Company's Common Shares. It is important to note that the Listed Warrants are not being consolidated. After giving effect to the Consolidation, the warrants will be adjusted pursuant to the terms thereof such that twenty (20) Listed Warrants will entitle the holder to purchase a whole post-Consolidation Common Share at an adjusted exercise price of $3.20. A total of 13,416,666 Common Shares will be issuable pursuant to such Listed Warrants and the other terms and conditions of the Listed Warrants, including the expiry date of June 4, 2023, remain unchanged.
Letters of transmittal have been mailed to the registered shareholders of the Common Shares requesting that they forward their pre-Consolidation share certificates to the Company's transfer agent, Computershare Trust Company of Canada, to exchange such certificates for new share certificates representing their Common Shares on a post-Consolidation basis.
Shareholders who hold their shares through a broker or other intermediary and do not have actual share certificates registered in their name will not be required to complete and return a letter of transmittal. Any pre-Consolidation Common Shares owned by such shareholders will automatically be adjusted as a result of the Consolidation to reflect the applicable number of post-Consolidation Common Shares owned by them and no further action is required to be taken by such shareholders.
About Saturn Oil & Gas Inc.
Saturn Oil & Gas Inc. is a growing Canadian energy company focused on generating positive shareholder returns through the continued responsible development of high-quality, light oil weighted assets, supported by an acquisition strategy that targets highly accretive, complementary opportunities. Saturn has assembled an attractive portfolio of free-cash flowing, low-decline operated assets in Southeastern Saskatchewan and West Central Saskatchewan that provide an inventory of long-term economic drilling opportunities across multiple zones. With an unwavering commitment to building an ESG-focused culture, Saturn's goal is to increase reserves, production and cash flows at an attractive return on invested capital. Saturn's shares are listed for trading on the TSX.V under ticker 'SOIL' and on the Frankfurt Exchange under symbol 'SMK'.
Further information and a corporate presentation is available on Saturn's website at http://www.saturnoil.com/.
Saturn Oil & Gas Investor & Media Contacts:
John Jeffrey, MBA - Chief Executive Officer
Tel: +1 (587) 392-7902
Kevin Smith, MBA - VP Corporate Development
Tel: +1 (587) 392-7900
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.
All dollar figures included herein are presented in Canadian dollars, unless otherwise noted.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/98962