VANCOUVER, June 9, 2016 /CNW/ - Petromanas Energy Inc. ("Petromanas" or the "Company") (TSXV: PMI), announces that it is proceeding with the share consolidation, on the basis of seventy (70) old shares for one (1) new share (the "Consolidation"), as was approved by shareholders at the Annual and Special meeting held on March 14, 2016. As a result of the Consolidation, the 693,861,399 common shares which are currently issued and outstanding will be reduced to approximately 9,912,305 shares. The name of the Company will also be changed to "PMI Resources Ltd." concurrently with the Consolidation.
The effective date for the Consolidation and change of name will be Tuesday, June 14, 2016 (the "Effective Date"). The post-Consolidation common shares of the Company will commence trading on the TSX Venture Exchange at the opening of the market on the Effective Date under the symbol "PMI".
No fractional shares will be issued under the share consolidation and any fraction will be rounded down to the nearest whole number.
About Petromanas Energy Inc.
Petromanas Energy Inc. is an international oil and gas company with exploration assets in France, including two exploration licenses (Ger and Ledeiux) totalling 169,790 net acres located in the gas-producing Acquitaine Basin.
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.
SOURCE Petromanas Energy Inc
For further information: Tally Barmash, Petromanas Energy Inc., 595 Burrard St, Suite 3123, PO Box 49139, Vancouver, BC, V7X 1J1, Tel: +1 604 609 6110, Email: [email protected]