Arctic Hunter Announces Proposed Share Consolidation and the Appointment of a New Director
ARCTIC HUNTER ENERGY INC.
Suite 1610 - 675 West Hastings Street · Vancouver · British Columbia · V6B 1N2 Telephone: (604) 681-3131
NEWS RELEASE
November 4, 2016 TSX-V Trading Symbol: AHU
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ARCTIC HUNTER ANNOUNCES PROPOSED SHARE CONSOLIDATION AND THE APPOINTMENT OF A NEW DIRECTOR
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Vancouver, British Columbia - Arctic Hunter Energy Inc. (TSX-V: AHU) (the “Company”) announces that it proposes to consolidate its issued and outstanding common shares on the basis of four
(4) pre-consolidation common shares for every one (1) post-consolidation common share (the “Consolidation”). The Company currently has 29,365,000 common shares issued and outstanding. Upon the Consolidation becoming effective, the Company will have approximately 7,341,250 common shares issued and outstanding on a non-diluted basis, prior to rounding down for fractional shares. The Company’s outstanding incentive stock options and warrants will be adjusted on the same ratio (4:1) in accordance with their respective terms, with proportionate adjustments being made to exercise prices. No name change will be undertaken in connection with the consolidation.
The Board of Directors of the Company has concluded that the Consolidation would be in the best interests of the shareholders. The share consolidation will have no substantive economic effect on shareholders, whose ownership percentage in the Company will remain unchanged. The consolidation is expected to lead to increased interest by a wider audience of potential investors and would better position the Company to broaden and obtain financing alternatives and pursue acquisition opportunities. Notwithstanding the foregoing, the Board may determine, in its sole discretion, not to implement the Consolidation after receipt of necessary regulatory approvals. The Consolidation is subject to regulatory approval, including the final approval of the TSX Venture Exchange.
The Company is pleased to announce that Mr. Lawrence Ilich has been appointed to the Board of Directors. Lawrence Ilich is a civil construction consultant, having worked with the Progressive Construction Group, founded by Milan Ilich. Mr. Ilich has over 30 years of experience in Project development and construction throughout North America. The Progressive Group of Companies was a leader in Project Development and construction, building infrastructure, as well as, enhancing professional and amateur sports and generously supporting many local charitable causes. Mr. Jeremy Ross has resigned as a director of the Company. The Board wishes to thank Mr. Ross for his services and wishes him continued success with his future business endeavors.
ABOUT ARCTIC HUNTER ENERGY
The Company is a Canadian Mineral exploration and Oil & Gas exploration and development Company that identifies, acquires and finances the acquisition, exploration and development of oil and gas assets primarily situated in Western Canada. The Company is a junior heavy oil producer in the greater Lloydminster area of Alberta & Saskatchewan. The Company is constantly reviewing future production and exploration opportunities through selective property acquisitions and identifying low risk exploration drilling activities situated in Canada, the United States and abroad.
The Company has qualified Mining management and has an Oil & Gas team of professionals seasoned in production, field exploration and drilling. The Company has the resources and necessary manpower in place to develop its natural resource and production properties. The Company is committed to minimizing risk through the selective acquisition, exploration and development of petroleum and natural gas resource assets. The Company intends to increase its oil production and reserves through its exploration activities and strategic property acquisitions.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Tim Coupland, President and CEO Arctic Hunter Energy Inc.
Tel: (604) 681-3131 [email protected]
or
Ted Burylo, Director Arctic Hunter Energy Inc.
Tel: (604) 506-6602
Neither the TSX Venture Exchange nor its Regulation Services Provider, (as the term is defined in the Policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.