/NOT FOR DISSEMINATION IN
Additionally, the Company is pleased to announce the closing of its previously announced non-brokered private placement of 27,778,000 units of the Company ("Units") at a price of
Upon closing of the Change of Management transaction and Non-Brokered Private Placement, the Company issued 136,112,000 Common Shares pursuant to the 136,112,000 subscription receipts previously issued by the Company in connection with its private placement offering of subscription receipts (the "Brokered Private Placement"), which closed on
Net proceeds from the Brokered Private Placement and the Non-Brokered Private Placement will be used for general corporate purposes and to partially fund the acquisition of global oil and gas assets, supporting the proposed new management team's strategy of building a portfolio of free cash flow assets that can provide returns to shareholders via a growth-and-income capital markets model.
Altura confirms that it intends to conduct the previously announced rights offering (the "Offering") by way of a rights offering circular which will be mailed to all shareholders as of the record date for the Offering (the "Record Date"). Pursuant to the Offering, each shareholder will be issued one right ("Right") for each Common Share held as of the Record Date (except those acquired in connection with the Non-Brokered Private Placement or Brokered Private Placement). Each eight (8) Rights held will entitle that holder to purchase one (1) Common Share at an exercise price of
Altura confirms that it intends to change its name to "
About
Altura (Tenaz) is an energy company focused on the acquisition and sustainable development of international oil and gas assets capable of returning free cash flow to shareholders. In addition, Altura (Tenaz) conducts development of a semi-conventional oil project in the Rex member of the Upper Mannville group at Leduc-Woodbend in central
READER ADVISORIES
Forward– looking Information and Statements
This press release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "budget", "forecast", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends", "strategy" and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the foregoing, this press release contains forward-looking information and statements pertaining to: the use of proceeds of the Brokered Private Placement and the Non-Brokered Private Placement, the proposed Offering, the proposed name change of the Company, the proposed consolidation of the Common Shares and the vision and strategy proposed by the new management team.
The forward-looking information and statements contained in this press release reflect several material factors and expectations and assumptions of Altura including, without limitation: the ability to obtain all required approvals in respect of the proposed Offering, the proposed name change of the Company and the proposed consolidation of the Common Shares; the continued performance of Altura's oil and gas properties in a manner consistent with its past experiences; that Altura will continue to conduct its operations in a manner consistent with past operations; the general continuance of current industry conditions; the continuance of existing (and in certain circumstances, the implementation of proposed) tax, royalty and regulatory regimes; the accuracy of the estimates of Altura's reserves and resource volumes; certain commodity price and other cost assumptions; the continued availability of oilfield services; and the continued availability of adequate debt and equity financing and cash flow from operations to fund its planned expenditures.
Altura believes the material factors, expectations and assumptions reflected in the forward-looking information and statements are reasonable, but no assurance can be given that these factors, expectations, and assumptions will prove to be correct.
The forward-looking information and statements included in this press release are not guarantees of future performance and should not be unduly relied upon. Such information and 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 information or statements including, without limitation: changes in commodity prices; changes in the demand for or supply of Altura's products; unanticipated operating results or production declines; changes in tax or environmental laws, royalty rates or other regulatory matters; changes in development plans of Altura or by third party operators of Altura's properties, increased debt levels or debt service requirements; inaccurate estimation of Altura's oil and gas reserve and resource volumes; limited, unfavorable or a lack of access to capital markets; increased costs; a lack of adequate insurance coverage; the impact of competitors; and certain other risks detailed from time to time in Altura's public documents.
The forward-looking information and statements contained in this press release speak only as of the date of this press release, and Altura does not assume any obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable laws.
Neither the
SOURCE
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