CALGARY - Highwood Oil Company Ltd. (TSXV: HOCL) ('Highwood' or the 'Company') is pleased to announce that it is changing its name to Highwood Asset Management Ltd. (the 'Name Change').
To better reflect the Company's diversified asset base and potential future opportunities, the Company found it suitable to rename itself Highwood Asset Management Ltd. The Name Change was unanimously approved by the Company's shareholders at the June 17, 2021 Annual General Meeting.
The Name Change is amongst the first steps in the Company transitioning into an asset management entity overseeing various operations including clean energy transition subsectors with a focus on ESG. These subsectors may include industrial metals and minerals (Lithium, Iron, Rare Earth Elements, Vanadium, Silica, Alumina etc), clean energy technologies, upstream and midstream oil & gas production & processing, and potentially other business ventures.
Given its clean balance sheet which provides considerable financial and operational flexibility, the Company expects that it will be able to complete several accretive acquisitions to catalyze material organic growth in 2021. The Company is currently engaged in several encouraging dialogues regarding various acquisitions and partnership opportunities. Global optimism around mitigating COVID-19 and restoring previous economic and industrial activities has created positive market and investment sentiment both within and outside oil & gas space.
The Company's stock ticker on the TSX Venture Exchange will be changed to HAM. Shareholders do not need to take any action in connection with the Name Change as the transfer agent will reflect the change on a push out basis. The Company anticipates the Name Change being effective July 20, 2021.
Update to Credit Facility
The Company's credit facility is being renewed by its lender to $2 million, reducing to $1 million at December 31, 2021. The updated facility is expected to be effective July 30, 2021 with the Company's next credit review being set for November 30, 2021.
Cautionary Note Regarding Forward-Looking Information
This news release contains 'forward-looking information' or 'FLI' within the meaning of the Canadian securities laws. Forward-looking information is generally identifiable by use of the words 'believes,' 'may,' 'plans,' 'will,' 'anticipates,' 'intends,' 'budgets', 'could', 'estimates', 'expects', 'forecasts', 'projects' and similar expressions, and the negative of such expressions. Forward-looking information in this news release include statements about the Company's next steps which include resource assessment, continued exploration and development work, including in respect of the potential extraction technology, continued sampling and developing a reservoir model, the completion and timing for the Cretaceous ironstone NI 43-101 Technical Report, and the evaluation and potential spinout of a pure play lithium company, as well as the specific assumptions used to develop such FLI and the specific risk factors.
In connection with the forward-looking information contained in this news release, Highwood has made numerous assumptions, regarding, among other things: the geological, metallurgical, engineering, financial and economic advice that Highwood has received is reliable and is based upon practices and methodologies which are consistent with industry standards. While Highwood considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies.
Additionally, there are known and unknown risk factors which could cause Highwood's actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include, among others: the Li-brine resource assessment may not be completed as planned or at all, the exploration and continued sampling may exceed the budget; continued sampling and the reservoir model may not achieve the results expected; investor support for a pure play lithium public spinout; the need to obtain additional financing; uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs and uncertainty of meeting anticipated program milestones; uncertainty as to timely availability of permits and other governmental approvals.
A more complete discussion of the risks and uncertainties facing Highwood is disclosed in Highwood's continuous disclosure filings with Canadian securities regulatory authorities at www.sedar.com. All forward-looking information herein is qualified in its entirety by this cautionary statement, and Highwood disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events, or developments, except as required by law.