3MV Energy Announces Results from the Annual Meeting of Shareholders and Issuance of Shares
/THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO ANY UNITED STATES NEWS SERVICES./
CALGARY, July 25, 2014 /CNW/ - 3MV Energy Corp. ("3MV" or the "Company") (TSXV: TMV) is pleased to announce that all matters set out in our management information circular dated June 13, 2014 for the 2014 Annual Meeting of Shareholders held on July 16, 2014 (the "Meeting") were approved by shareholders. The detailed results of the vote are set out below:
|Director Nominee||Votes For||% For||Votes Withheld||% Withheld|
|Ronald B. Baba||25,994,335||99.84||%||42,608||0.16||%|
|James P. Boyle||25,994,335||99.84||%||42,608||0.16||%|
|Dallas C. Duce||25,994,335||99.84||%||42,608||0.16||%|
|Donald O. Fairholm||25,994,335||99.84||%||42,608||0.16||%|
|Appointment of the Auditor||Votes For||% For||Votes Withheld||% Withheld|
|KPMG LLP, Chartered Accountants||26,036,943||100.00||%||0||0.00||%|
|Approval of the Stock Option Plan||Votes For||% For||Votes Against||% Against|
|Proposed by management in the Circular||25,963,657||99.72||%||75,286||0.28||%|
Issuance of Shares
Further to its press releases dated June 16, 2014, 3MV is pleased to announce that it has issued 264,920 shares of the Company to Audax Investments Ltd ("Audax") in relation to interest payable quarterly on the $2MM secured draw down facility term loan. The debt facility bears interest at eight percent (8%) per annum, calculated and payable quarterly at the greater of the volume weighted average market price of the shares of 3MV on the five trading days preceding payment date or the discounted market price based on closing price at payment date. Following this issue, there will be 51,482,322 Common shares of the Company issued and outstanding. The issuance of the common shares will not result in a change of control.
Audax is a corporation controlled by Dallas Duce, Interim CEO, a director and control person of 3MV.
3MV is an oil and gas exploration and development company with assets throughout west central Saskatchewan's Viking oil play.
The securities offered have not been and will not be registered under the U.S. 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.
Certain statements in this news release constitute forward-looking statements. The forward-looking statements contained in this document are based on certain key expectations and assumptions made by 3MV. Although 3MV believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because 3MV can give no assurance that they will prove to be correct.
Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the failure to obtain necessary regulatory approvals, risks associated with the oil and gas industry in general, commodity price and exchange rate fluctuations and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect 3MV's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com).
The forward-looking statements contained in this document are made as of the date hereof and 3MV undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE 3MV Energy Inc.For further information:
CFO, VP Finance