TSX Venture Exchange Symbol: DES
CALGARY, July 21 /CNW/ - Desmarais Energy Corporation (TSXV: DES) (the "Corporation" or "Desmarais") announces that it has completed a settlement with a group of unsecured creditors in payment either a blend of cash and shares of Desmarais or cash only. The total accounts payable involved in the settlement was $512,966. In full satisfaction of these accounts payables the Corporation issued an aggregate of 371,235 common shares of Desmarais, and paid a total of $56,252 cash. The shares issued in the transaction were issued at a deemed price of $0.15 per share. The shares will be subject to a four month hold period which expires on November 15, 2010.
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.
Advisory: This press release may contains certain forward-looking statements within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward looking statements. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. The forward looking statements contained in this press release are made as of the date hereof and Desmarais undertakes no obligation to update publicly or revise any forward looking statements or information, unless so required by applicable securities laws.
SOURCE Desmarais Energy Corporation
For further information: For further information: James G. Long, President, Desmarais Energy Corporation, Tel: (403) 265-8007, Fax: (403) 264-7076, E-mail: email@example.com, Website: www.desmaraisenergy.com