Madalena Announces Election of Directors and Approval of Control Person
September 13 2017 - 4:30PM
Madalena Energy Inc. ("Madalena" or the "Company") (TSXV:MVN)
(OTCQX:MDLNF) is pleased to announce that the director nominees in
the management proxy circular dated August 17, 2017 (the
"Information Circular"), were elected as directors of Madalena.
Messrs. Ruben Etcheverry, Ralph Gillcrist and
Leonardo Madcur have each joined the board of directors of the
Company (the "Board") as independent directors. The
aforementioned directors have replaced Messrs. Keith MacDonald, Jay
Reid and Ving Woo who each elected not to stand for reelection to
the Board.
The Board thanks Messrs. Keith MacDonald, Jay Reid
and Ving Woo for their significant contributions to Madalena.
Madalena also announces that the shareholders of
the Company passed an ordinary resolution approving KD Energy
International Capital Limited as a new "Control Person" (as such
term is defined in the TSX Venture Exchange Corporate Finance
Manual) of the Company. In connection therewith, and as is
further described in the Information Circular, the convertible loan
agreement dated May 8, 2017 for an amount up to USD $16.5 million
is now available to be drawn upon by the Company in accordance with
the terms thereof.
About Madalena EnergyMadalena is
an independent, Canadian head-quartered Argentina upstream oil and
gas company with operations in four provinces of Argentina where it
is focused on the delineation of unconventional resources in the
Vaca Muerta shale, Lower Agrio shale and Loma Montosa oil plays.
The Company is implementing horizontal drilling and completions
technology to develop both its conventional and resource plays.
Madalena trades on the TSX Venture Exchange under
the symbol MVN and on the OTCQX under the symbol MDLNF.
For further information please
contact:
Jose David PenafielChief Executive
Officer E-mail:jpenafiel@madalenaenergy.comPhone: (403)
262-1901
Ezequiel Martinez ArietChief
Financial OfficerE-mail: ezequielariet@madalenaenergy.comPhone:
(403) 262-1901
Neither the TSX Venture Exchange nor its
Regulation Service Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
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