San Angelo Oil Limited Completes Share Consolidation
NEWS RELEASE
San Angelo Oil Limited Completes Share Consolidation
May 26, 2016 – Vancouver, British Columbia – San Angelo Oil Limited (TSX-V: SAO) (the “Company”) is pleased to announce that it has completed its previously announced 1 for 10 share consolidation of its common shares. Effective May 26th, 2016 at the market opening, the Company’s common shares will commence trading on a post-consolidated basis. The Company’s name and trading symbol will remain unchanged.
As a result of the consolidation, the Company’s currently outstanding 34,927,500 common shares have been reduced to approximately 3,492,750 common shares after rounding adjustments. No fractional shares have been issued. The Company is in the process of closing the previously announced private placement and will confirm the closing shortly.
Registered shareholders will receive a letter of transmittal from the Company’s transfer agent, Computershare Trust Company of Canada, after the effective date of the consolidation. The letter of transmittal will contain instructions on how registered shareholders can exchange their share certificates or DRS statements representing pre-consolidation common shares for new share certificates or DRS statements representing post-consolidation common shares. No action is required by non-registered shareholders (shareholders who hold their shares through an intermediary) to effect the consolidation.
Following the share consolidation, registered warrantholders who hold common share purchase warrants of the Company listed on the TSX Venture Exchange under the symbol “SAO.WT” will be able to acquire one (1) common share in the capital of the Company at an exercise price of $3.00 at any time until March 10, 2017. The adjustment to the exercise price of the warrants reflects the terms of the warrant indenture between the Company and Computershare Trust Company of Canada dated March 10, 2015. The number of common shares issuable upon exercise of the warrants will be adjusted in accordance with the consolidation ratio.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Eileen Au, Interim Chief Executive Officer San Angelo Oil Limited Tel: 604 609-6131
Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The securities offered have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements. This news release does not constitute an offer to sell or the solicitation of any offer to buy nor will there be any sale of these securities in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such province, state or jurisdiction.
Forward-looking Statements
This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively “forward-looking statements”). The use of any of the word “will”
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and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such forward-looking statements should not be unduly relied upon. This news release contains forward-looking statements and assumptions pertaining to the following: the consolidation; the closing of the recently announced private placement; and the letter of transmittal. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. The Company believes the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct.