CALGARY, April 19, 2018 /CNW/ - Zedcor Energy Inc. (the "Company" or "Zedcor") (TSX VENTURE: ZDC) is pleased to announce that it has issued 776,334 common shares in the capital of Zedcor (the "Consideration Shares") to a private Alberta company as payment for a lease surrender fee in the amount of $200,000 incurred by Zedcor in connection with the termination of a lease of a yard and building located in Estevan, Saskatchewan. The expiry date of the lease was July 31, 2021 and, prior to its termination, represented a total outstanding obligation for Zedcor of $372,000. The Consideration Shares are subject to a statutory hold period under applicable securities legislation until August 20, 2018. The Consideration Shares were issued at a deemed price of $0.257621 per share, representing the volume weighted average price of the Company's shares traded on the TSX Venture exchange for the five (5) trading days immediately prior to the closing date, divided into $200,000. The TSX Venture Exchange (the "Exchange") has provided its conditional acceptance in respect of the foregoing transactions and Zedcor expects final Exchange approval in the near future.
Ian McKinnon, President and Chief Executive Officer, stated "The termination of this lease eliminates monthly expenses that are no longer needed in the execution of our business, and is a further step in our strategy to strengthen our balance sheet and improve our cash flow."
Forward-Looking Statements and Information
Certain statements included or incorporated by reference in this press release constitute forward-looking statements or forward-looking information. Forward-looking statements or information may contain statements with the words "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "budget", "should", "project", "or similar words suggesting future outcomes or expectations. Although the Company believes that the expectations implied in such forward-looking statements or information are reasonable, undue reliance should not be placed on these forward-looking statements because the Company can give no assurance that such statements will prove to be correct. Forward-looking statements or information are based on current expectations, estimates and projections that involve a number of assumptions about the future and uncertainties. Although management believes these assumptions are reasonable, there can be no assurance that they will be proved to be correct, and actual results will differ materially from those anticipated. For this purpose, any statements herein that are not statements of historical fact may be deemed to be forward-looking statements. The forward-looking statements or information contained in this press release are made as of the date hereof and the Company assumes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new contrary information, future events or any other reason, unless it is required by any applicable securities laws. The forward-looking statements or information contained in this press release are expressly qualified by this cautionary statement.
About Zedcor Energy Inc.
Zedcor Energy Inc. is a Canadian public corporation and parent company to Zedcor Energy Services Corp. ("Zedcor Corp."). Zedcor Corp. is engaged in the rental of surface equipment and accommodations to the Western Canadian Oil and Gas Industry. The Company trades on the TSX Venture Exchange under the symbol "ZDC".
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.
SOURCE Zedcor Energy Inc.