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Butte Energy Announces Resumption of Trading, Appointment of New Board and Settlement of Debt


News provided by

Butte Energy Inc.

Oct 08, 2020, 17:00 ET

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TSXV – BEN.H

VANCOUVER, BC, Oct. 8, 2020 /CNW/ - Butte Energy Inc.  (TSXV: BEN.H) (the "Company")  is pleased to announce that the TSX Venture Exchange (the "TSXV") has advised that the Company's common shares will resume trading on the NEX Exchange under the symbol "BEN" at market open on Tuesday October 13, 2020.

The lifting of the trading halt follows the termination of the business combination proposal with Pura Valley, LLC and Pura Extractions LLC dated November 15, 2018 and announced on November 28, 2018.

The Company is pleased to announce that Geir Liland, Jeffrey Harder and Travis Musgrave have been appointed to the Company's board of directors. Geir Liland has been appointed as the CEO and Joanna Vastardis has been appointed as the CFO and Corporate Secretary. Jason Rickert, Steven Parker and Lee Bowles have resigned from the board and the new board of directors would like to thank them for their services and wish them success in their future endeavours.  The Company's annual general meeting of shareholders is scheduled to occur December 11, 2020.

In connection with the foregoing appointments, an aggregate of 11,000,000 incentive stock options have been granted to directors, officers, consultants and charitable organizations at a price of $0.10 per share, exercisable for a period of 10 years, subject to TSXV approval.  

The Company received conditional approval from the TSXV to issue 6,000,000 units of the Company at $0.05 per unit, with each unit consisting of one common share and one common share purchase warrant, exercisable at a price of $0.05 for a period of 12 months from the date of issue (the "Principal Units") in satisfaction of $300,000 principal debt of a matured debenture owed to a third party. 

The Company has also received conditional approval to issue 1,158,900 units of the Company at deemed price of $0.07 per unit for the conversion of $81,123 accrued interest with each unit consisting of one common share and one common share purchase warrant, exercisable at a price of $0.095 for a period of 12 months from the date of issue (the "Interest Units") in satisfaction of $81,123 accrued interest due to a third party.

Following the issuance of both shares for debt settlements, the total issued and outstanding common shares of the Company will total 310,225,302 and 7,158,900 warrants which are expected to be exercised shortly.

The issuance of shares for debt for both debt settlements will be subject to a four month hold period in accordance with applicable Canadian securities laws and are subject to final acceptance of the TSXV.

The Company announces it has entered into a mandate agreement with Fiore Management & Advisory Corp. to provide financial advice and corporate administration.

The Company has been advised that Frank Giustra and his related entities acquired an aggregate of 61,400,000 common shares of the Company representing 19.79% of the issued and outstanding common shares of the Company pursuant to a private transaction.  Fiore Financial Corporation and The Great Ontario Food Company, Inc. (companies indirectly owned by Mr. Giustra) acquired an aggregate of 56,400,000 common shares, representing 18.18% of the issued and outstanding common shares of the Company.  Sestini and Co. Pension Trustees Ltd. (an investment account controlled and directed by Mr. Giustra) acquired 5,000,000 common shares of the Company representing in aggregate 1.61% of the issued and outstanding shares of the Company. Following these transactions, Mr. Giustra has indirect ownership and/or control, over an aggregate of 61,400,000 common shares of the Company representing 19.79% of the issued and outstanding common shares of the Company which will be diluted to 19.35% on the exercise of the Company's outstanding warrants.

The Company further announces that Brian Paes-Braga and his related entities acquired 62,000,000 common shares of the Company representing 19.99% of the issued and outstanding common shares of the Company pursuant to a private transaction.  Mr. Paes-Braga acquired an aggregate of 62,000,000 common shares, representing 19.99% of the issued and outstanding common shares of the Company.  Following these transactions, Mr. Paes-Braga has indirect ownership and/or control, over an aggregate of 62,000,000 common shares of the Company presenting 19.99% and would have indirect ownership and/or control, over an aggregate of 63,000,000 common shares representing 20.24% on a partially diluted basis, assuming the exercise of 1,000,000 incentive stock options granted to the Quiet Cove Foundation, a charitable organization controlled by Mr. Paes-Braga.  On the exercise of the Company's outstanding warrants, Mr. Paes-Braga's holdings will be diluted to 19.53% of the issued and outstanding and 19.79% on a partially diluted basis.

The Company has been advised that Mr. Giustra and his related entities and Mr. Paes-Braga and his related entities acquired these securities for investment purposes and will be disclosed in Early Warning Reports to be filed on SEDAR.  Mr. Giustra and Mr. Paes-Braga may in the future acquire or dispose of securities of the Company, through the market, privately or otherwise, as circumstances or market conditions warrant.

On behalf of BUTTE ENERGY INC.

"Geir Liland" 
Chief Executive Officer

Neither the 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 Butte Energy Inc.

Joanna Vastardis, CFO & Corporate Secretary, Tel: 604.609.6125

Modal title

Organization Profile

Butte Energy Inc.

    Also from this source

  • ARGENTA SILVER CLOSES EL QUEVAR PROJECT ACQUISITION

  • BUTTE EXECUTES DEFINITIVE AGREEMENT TO ACQUIRE EL QUEVAR SILVER PROJECT

  • BUTTE ENERGY INC. ANNOUNCES CLOSING OF NON-BROKERED PRIVATE PLACEMENT AND EARLY WARNING REPORT

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