CALGARY, Feb. 2 /CNW/ - Kallisto Energy Corp. (TSX Venture: KEC) (formerly Arrow Energy Ltd.) ("Kallisto" or the "Company") announces that Robyn Lore, President and CEO of Kallisto has filed an Early Warning Report containing transactions which have not been reported pursuant to the requirements of National Instrument 62-103 and Multilateral Instrument 62-104. The transactions being reported are as follows (all transactions reflect the 4:1 share consolidation completed on November 2, 2009):
- On November 20, 2007, a corporation controlled by Mr. Lore completed
an arms-length sale to the Company of certain oil and gas properties.
As part of the consideration for the properties, the Company issued
400,000 units at a price of $2.20 per unit. Each unit was comprised
of one common share and one share purchase warrant entitling the
holder to purchase one common share at a price of $2.80 per common
share exercisable until June 30, 2008. Following the transaction and
assuming that the warrants held would be exercised, Mr. Lore held or
controlled 11.6% of the equity securities of the Company;
- On November 5, 2008, a private placement was completed for 312,500
units at a price of $0.80 per unit. Each unit was comprised of one
common share and one share purchase warrant entitling the holder to
purchase one common share at a price of $1.20 per share for a period
of 24 months following closing. Following this transaction and
assuming that the warrants and stock options held would be exercised,
Mr. Lore held or controlled 15.8% of the equity securities of the
- On October 30, 2009, the Company acquired from a corporation
controlled by Mr. Lore a 50% working interest in a wellbore located
on Company lands in Southern Alberta in consideration for this
issuance of 365,000 common shares of the Company at a price of $0.20
per common share. The value of the transaction was determined by an
independent evaluator. Following this transaction and assuming that
the warrants and stock options held would be exercised, Mr. Lore held
or controlled 18.9% of the equity securities of the Company.
As of the date hereof, Mr. Lore holds or exercises control over 15.8% of the equity securities of Kallisto, including 2,237,490 common shares, 312,500 share purchase warrants and 57,000 vested stock options. No warrants or stock options have been exercised.
These securities are being held as an investment. Mr. Lore may, depending on market and other conditions, increase or decrease his ownership position through participation in future financings completed by the Company or through transactions completed privately or through the public market. The Early Warning Report has been filed on SEDAR and with the Alberta Securities Commission.
This press release contains forward-looking statements which include, but are not limited to Mr. Lore's future acquisition or disposition of securities of Kallisto or other statements that are not statements of fact. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it cannot give any assurance that such expectations will prove to be correct. Results may be affected by a variety of variables and risks associated with the price of the Company's common shares on the TSX Venture Exchange and Mr. Lore's financial situation; as a consequence, actual results could differ materially from those anticipated or implied in the forward-looking statements. The Company's forward-looking statements are expressly qualified in their entirety by this cautionary statement and are made as of the date of this news release.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE Kallisto Energy Corp.
For further information: For further information: Robyn Lore, President and CEO, 350, 703 6th Avenue S.W., Calgary, Alberta, T2P 0T9, Telephone: (403) 237-9996, Facsimile: (403) 264-0416