Oilexco Provides Update at Request of TSX Venture Exchange
In a
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- The Company's remaining assets consisted of estimated cash of $15.5 million and an apartment in London, UK, whose impending sale should result in approximately $3.5 million, for a total of $19 million less the estimated expenses of liquidation. - The total debt claimed by creditors is approximately $1.2 billion, however these claims are still being reviewed. - Based on the filed claims, the distribution proceeds equal approximately $0.015 on the dollar to creditors and no assets for the shareholders.
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Creditor claims are to be satisfied in full from the liquidation proceeds. Timing for the completion of the distribution to creditors and ultimate conclusion of the CCAA proceeding will depend on the final resolution of creditors' claims, some of which are subject to ongoing mitigation. However, as the distribution pool has been set and the claims bar date has passed, the Company is free to pursue new business endeavours and financing without need for either creditor or court approval, and without exposing possible new financing or business opportunities to claims from the creditors.
As a result of creditors approving the Plan, on
The Board of Directors currently consists of
At this time, the Board has not developed a strategy or a business plan for ScotOil. ScotOil has approximately a
As the Company does not have a Transfer Agent, the TSX Venture Exchange has advised that the trading halt presently on the Company's shares will be changed to a suspension. The Company is aware that its shares currently trade on the Pink Sheets under the symbol "OILXF", however, as this listing was not authorized by the Board of Directors, the Company is uncertain how long trading may continue as the Company has no plans to actively seek to continue to trade on the "Pink Sheets".
Forward Looking Statements
All statements included in this press release that address activities, events or developments that ScotOil expects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements involve substantial known and/or unknown risks and uncertainties, some of which may be beyond ScotOil control, including: the uncertainty of court proceedings under the Companies' Creditors Arrangement Act, the impact of general economic conditions in the areas in which ScotOil operates, civil unrest, industry conditions, changes in laws and regulations and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in commodity prices, foreign exchange or interest rates, stock market volatility and obtaining required approvals of regulatory authorities. As such, caution should be exercised by the reader wherever forward looking statements are made.
Neither 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. On Behalf of the Board of Directors: Mr. Arthur Millholland, President and CEO
For further information: Rob Elgie, Investor Relations Consultant, Phone: (403) 718-1805
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