TSX Venture Exchange Symbol: DES
CALGARY, June 28 /CNW/ - Desmarais Energy Corporation (TSXV: DES) (the "Corporation" or "Desmarais") announces that it has settled with a group of unsecured creditors for either a blend of cash and shares or a cash only settlement. The total accounts payable involved in the settlement is $505,513. In aggregate, the Corporation will issue 474,730 shares and $55,507 cash. The share component of the arrangement was at a deemed price of $0.15 per share, and is subject to TSX Venture Exchange approval. The shares will be subject to a four month hold period.
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