VANCOUVER, Feb. 19, 2019 /CNW/ - East West Petroleum Corp. (TSX-V: EW) ("East West" or the "Company") is pleased to provide this corporate update.
JUVA LIFE INC. ("JUVA") ACQUISITION UPDATE
The Company is pleased to announce that it has executed a definitive agreement with Juva Life Inc. ("Juva") pursuant to which it will complete, subject to shareholder approval, the acquisition of Juva (the "Transaction') as previously announced and discussed in further detail in the Company's news releases dated January 8, 2018, August 17, 2018 and July 17, 2018 (the "News Releases"). In connection with the Transaction, the Company plans to delist its common shares from the TSX Venture Exchange, change its name to Juva and subsequently list on the Canadian Securities Exchange. On completion of the Transaction, the business of the Company will be the business of Juva.
Additionally, the Company has received an interim order from the Supreme Court of British Columbia in connection with its proposed spin out of assets to East West Oil and Gas Limited (the "Spin-Out"), as more particularly described in the News Releases, anticipated to complete prior to or concurrently with the Transaction.
A meeting of shareholders to vote on the Transaction, the Spin-Out, and related matters will be held on March 15, 2019 at 10 AM at Suite 1500, 1055 West Georgia Street, Vancouver BC. On February 15th the Company's information circular was mailed to shareholders. Assuming shareholders approve the Transaction, closing is anticipated to occur on or about March 21st, 2019.
On completion of each of the Transaction and the Spin-Out, shareholders of the Company will hold common shares in the capital of Juva on a basis of 1 share of Juva for each 10 shares of the Company and common shares in the spin out company East West Oil and Gas Limited in the same quantity as their current shareholdings in the Company. East West Oil and Gas Limited will hold the existing assets of the Company and will seek a listing on a recognized exchange.
About East West Petroleum Corp.
East West Petroleum Corp. (www.eastwestpetroleum.ca) is a TSX Venture Exchange listed company established in 2010 to invest in international oil & gas opportunities. The Company has its primary focus on two key areas: New Zealand, where it has established production and cash flow and Romania where it is carried to production on an exploration program. In Romania the Company has exploration rights in four exploration concessions covering 1,000,000 acres in the prolific Pannonian Basin of western Romania with Naftna Industrija Srbije ("NIS"). The Company does not own the acres but has exploration rights.
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.
This news release contains "forward-looking information" within the meaning of applicable securities laws. The Company has provided the forward-looking information, including, without limitation, statements relating to the receipt of shareholder approval for and subsequent completion of the Transaction, the Spin-Out, the consolidation of common shares in the capital of the Company, and related transactions, in reliance on assumptions that it believes are reasonable at this time. Although the Company believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, changes in general economic, market, or business conditions, and those risks set out in the Company's public documents filed on SEDAR. The forward-looking statements contained in this news release are made as of the date hereof and the Company does not undertake to update any forward-looking statements or forward-looking information that is incorporated by reference herein, except as required by applicable securities laws.
SOURCE East West Petroleum Corp.
For further information: 1305 - 1090 West Georgia Street, Vancouver, BC, Canada, V6E 3V7, Tel: 604.682.1558 | Fax: 604.682.1568