CALGARY, Aug. 14, 2019 /CNW/ - (TSX: EGL): Eagle Energy Inc. ("Eagle") announces that it has submitted an application (the "Listing Application") to the TSX Venture Exchange (the "TSX-V") to list its common shares (the "Common Shares") on the TSX-V. In conjunction with this application, Eagle has submitted an application to the Toronto Stock Exchange ("TSX") for voluntary delisting (the "Voluntary Delisting Application") of the Common Shares from the TSX pursuant to Part VII, Section 720 of the TSX Company Manual (the "Manual"). The Listing Application is subject to TSX-V approval and the Voluntary Delisting Application is subject to TSX approval.
Eagle received a letter from the TSX on July 9, 2019 that the TSX had commenced a review of Eagle's eligibility for continued listing on the TSX of its securities, pursuant to Part VII of the Manual. In response to the aforementioned letter from the TSX, the board of directors of Eagle have: (i) reviewed the TSX eligibility for listing requirements as outlined in the Manual in relation to Eagle's recent share price and trading activity on the TSX, as well as its current operational and financial activities; (ii) considered Eagle's alternatives; and (iii) authorized management to prepare a Listing Application to the TSX-V, which Eagle submitted on August 14, 2019.
The Voluntary Delisting Application is being made in conjunction with and is subject to Eagle receiving approval from the TSX-V of its Listing Application, confirming that Eagle meets the TSX-V eligibility for listing criteria. There is no guarantee the TSX-V will approve Eagle's Listing Application. If Eagle's Listing Application is approved by the TSX-V, it is Eagle's intention to take all reasonable and prudent steps as required and, with the assistance from and cooperation with the TSX and TSX-V, to list Eagle's Common Shares on the TSX-V without interruption or delay. As a result, Eagle is unable to provide delisting/listing dates at this time, but will provide updates once further information is available.
Securityholder approvals of the Listing Application and Voluntary Delisting Application are not required.
Note about Forward-Looking Statements
Certain of the statements made and information contained in this news release are forward-looking statements and forward-looking information (collectively referred to as "forward-looking statements") within the meaning of Canadian securities laws. In particular, and without limitation, this news release contains forward-looking statements and information relating to the expected voluntary delisting of Eagle's Common Shares from the TSX and the listing of its Common Shares on the TSX-V. These forward-looking statements and information are based on certain key expectations and assumptions made by Eagle. Assumptions have been made with respect to anticipated approvals from the TSX and TSX-V on the Voluntary Delisting Application and Listing Application. Although Eagle believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information as Eagle cannot give any assurance that they will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the failure of Eagle to meet the TSX-V listing requirements. Readers are cautioned that the foregoing list of risks and uncertainties is not exhaustive. Other risk factors that could affect Eagle's operations or financial results are included in Eagle's annual information form and may be accessed through the SEDAR website (www.sedar.com). The forward-looking statements and information contained in this news release are made as of the date hereof and Eagle does not undertake any obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
You should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While Eagle may elect to, Eagle is under no obligation and does not undertake to update this information at any particular time, except as required by law.
About Eagle Energy Inc.
Eagle is an oil and gas corporation with shares listed for trading on the Toronto Stock Exchange under the symbol "EGL".
SOURCE Eagle Energy Inc.
For further information: Brenda Galonski, Chief Financial Officer, (587) 233-1791; Wayne Wisniewski, President & Chief Executive Officer, (713) 300-3298; Eagle Energy Inc., Suite 2710, 500-4th Avenue SW, Calgary, Alberta T2P 2V6, (403) 531-1575, (855) 531-1575 (toll free)