CALGARY, May 22, 2014 /CNW/ - Cequence Energy Inc. (the "Company" or "Cequence") (TSX:CQE) held its annual and special meeting of shareholders on May 21, 2014 in Calgary. A total of 117,253,554 common shares ("Common Shares") of the Company, representing approximately 55.59% of Common Shares, were represented in person or by proxy at the meeting.
During the regular business proceedings at the meeting, shareholders approved resolutions appointing Deloitte LLP as the Company's auditors and confirming the adoption of a new by-law to require, among other things, advance notice by any shareholder intending to nominate a director to the board of directors of the Company, with approximately 99% approval of the Common Shares represented in person or by proxy at the meeting.
In addition, the eight director nominees proposed by management were elected by ballot at the meeting. Proxies and in person votes were received as follows:
|Nominee||Votes For||Votes Withheld|
Please visit Cequence's website at http://www.cequence-energy.com/index.php?page=presentations to access the URL for the presentation slides from the annual and special meeting of the shareholders.
Expected Increase to Credit Facility
Cequence is also pleased to announce that it expects, upon execution of final documentation prior to the end of May, to be increasing its credit facilities to a borrowing base of $155 million.
Cequence is a publicly traded Canadian energy company involved in the acquisition, exploitation, exploration, development and production of natural gas and crude oil in western Canada. Further information about Cequence may be found in its continuous disclosure documents filed with Canadian securities regulators at www.sedar.com.
Forward looking Statements or Information
Certain statements included in this press release constitute forward-looking statements or forward-looking information under applicable securities legislation. Such forward-looking statements or information are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes, such as making investment decisions. Forward-looking statements or information typically contain statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "project" or similar words suggesting future outcomes or statements regarding an outlook. Forward-looking statements or information in this press release may include, but are not limited to, statements or information with respect expected increases to the Company's credit facility. Forward-looking statements or information are based on a number of factors and assumptions which have been used to develop such statements and information but which may prove to be incorrect. Although the Company believes that the expectations reflected in such forward-looking statements or information are reasonable, however, undue reliance should not be placed on forward-looking statements because the Company can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified in this press release, assumptions have been made regarding, among other things, the ability of the Company to obtain financing on acceptable terms. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which have been used.
Forward-looking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by the Company and described in the forward-looking statements or information. These risks and uncertainties may cause actual results to differ materially from the forward-looking statements or information. The material risk factors affecting the Company and its business are contained in the Company's Annual Information Form which is available on SEDAR at www.sedar.com.
The forward-looking statements or information contained in this press release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise unless required by applicable securities laws. The forward looking statements or information contained in this press release are expressly qualified by this cautionary statement.
SOURCE: Cequence Energy Ltd.
For further information: