- Shareholders approve all resolutions at Annual and Special Meeting held
on June 16, 2009
CALGARY, June 18 /CNW/ - TG World Energy Corp. (TSX-V:TGE) ("TG World" or
the "Company") announced today that two new directors, Gordon J. Hoy and David
Moscovitz, have been elected to the Company's Board. Both bring extensive
experience to the TG World Board of Directors.
Mr. Hoy is a Chartered Financial Analyst and registered professional
engineer with over 25 years of experience in the oil and gas industry. His
areas of expertise relate to executive leadership, finance, corporate
planning, economic evaluations and reservoir engineering. He is currently a
director of Vader Capital Inc. and a director of Enerchem International Inc.
Mr. Hoy formerly served as the Chief Operating Officer of Quadrise Canada
Corp. and held senior executive positions with Inland Gas and Oil, Landin
Resources and TriQuest Energy.
Mr. Moscovitz is a lawyer and consultant at Fraser Milner Casgrain LLP
with over 30 years of extensive experience in acquisitions, divestments,
dispositions, financings, joint ventures and other general business law. He
currently also serves as a director for Richards Oil & Gas Ltd. and Grosvenor
Park Natural Gas Fund Ltd.
"We are pleased that Gordon and David have chosen to join TG World's
Board," noted Ted Best, the Company's Chairman. "Both are experienced
businessmen whose background will add further strength to our Board. I also
wish to thank previous directors Murray Todd and James C. Smith, who chose not
to stand for re-election this year. With their knowledge and experience, both
made important contributions to the Board."
In connection with their election as directors, the Company granted
250,000 options to each of Mr. Hoy and Mr. Moscovitz, which is consistent with
the option positions of other non-management directors of TG World. Each
option entitles the holder to purchase one common share of the Company, at an
exercise price of CAD$0.12 per share(subject to customary anti-dilution
adjustments) set at the close of business on June 16, 2009, for a period of 5
years from the date of grant.
TG World also announced that shareholders approved all of the resolutions
presented to them at the Annual and Special Meeting of Shareholders held on
June 16, 2009. A total of 47,849,927 shares were represented in person or by
proxy at the shareholders' meeting, representing approximately 39.12% of the
Company's outstanding shares.
The following directors were duly elected at the meeting: Edward W. Best,
A. Lloyd Flood, Clifford M. James, Wayne G. Thomson, Gordon J. Hoy and David
PriceWaterhouseCoopers LLP was re-appointed as auditors of the
Corporation and will hold office until the next annual meeting of the
shareholders, at such remuneration as may be determined by the directors of
Shareholders also approved resolutions respecting the Company's rolling
10% share option plan and shareholder rights protection plan. Both resolutions
were passed by substantial majorities.
For those who were not able to listen to the live webcast of the
corporate presentation from the Annual and Special Meeting, an archive and
podcast have been made available at:
TG World is a Calgary-based, junior international oil and gas exploration
company focused on Alaska and Niger. The Company has approximately CAD$24
million of consolidated working capital available to it.
TG World Energy Inc., a wholly-owned subsidiary of TG World, is involved
in a joint venture with Brooks Range Petroleum Corp ("BRPC"). The BRPC/TG
World Joint Venture was formed in 2006 as an exploration strategic alliance
covering a large area of mutual interest on the Alaskan Central North Slope.
TG World Energy Inc. holds a 25 - 35% working interest in approximately
342,707 gross acres of lease lands and an Area of Mutual Interest under which
additional lands may be acquired.
A second wholly-owned TG World subsidiary, TG World Petroleum Limited,
holds a 20% carried interest in the Ténéré Block, an oil and gas concession in
the Republic of Niger, Africa, measuring 71,155 square kilometres (17.3
million acres). The Ténéré Block contains the northern half of the Termit -
Ténéré Rift. The southern half of this rift is located in the adjacent Agadem
Block, where six oil discoveries and one gas discovery have been announced.
CNPCIT, a unit of China National Petroleum Company, holds the other 80% of the
Ténéré concession and acts as operator of the project.
The TSX Venture Exchange has neither approved nor disapproved the
contents of this news release and the TSX Venture Exchange does not
accept responsibility for the adequacy or accuracy of this news release.
For further information:
For further information: Clifford M. James, President and CEO, (403)
265-4506; Paul Moon, Director, Corporate Communications, (403) 265-4506