VANCOUVER, July 18, 2017 /CNW/ - PentaNova Energy Corp. (the "Company") (TSXV: PNO), In accordance to the MSPA Compliance and Fulfilment Agreement dated April 28, 2017 with Multiservicios RJT S.A.S. ("Multiservicios), the Company has amended the terms of payment to Multiservicios in respect of the Maria Conchita project whereby the Company has agreed to make the US$500,000 payment due to Multiservicios by issuing 206,145 common shares and paying US$350,000 in cash.
An update on the Argentine acquisition is expected shortly.
Trading in the common shares of the Company has been halted in accordance with the policies of the Exchange and will remain halted until such time as all required documentation has been filed with and accepted by the Exchange in connection with the Patagonia acquisition and permission to resume trading has been obtained from the Exchange.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Except for the statements of historical fact, this news release contains "forward-looking information" within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates and projections as at the date of this news release. The information in this news release about the completion of the transaction described herein, and other forward-looking information includes but is not limited to information concerning the intentions, plans and future actions of the parties to the transactions described herein and the terms of such transaction.
Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, risks related to the Company's or Patagonia's inability to satisfy a condition precedent to the completion of the transaction (including obtaining necessary regulatory approvals), other risks related to completion of the transactions and risks related to the inability of either of the Company or Patagonia to perform their respective obligations under the transactions.
The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions about the Company's ability to complete the transactions and Patagonia's ability to complete the acquisition of the Assets. The Company has also assumed that no significant events will occur outside of the Company's normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.
Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise.
SOURCE PentaNova Energy Corp.
For further information: please contact: PentaNova Energy Corp., Serafino Iacono, Executive Chairman & Director, Tel: (416) 804-4570, E-mail: [email protected]; PentaNova Energy Corp., Gregg Vernon, President, Tel: (604) 609-6110, E-mail: [email protected]