CALGARY, AB, March 17, 2021 /CNW/ - (TSX: PMT) – Perpetual
Energy Inc. ("Perpetual" or the "Company") announces today the
planned retirement of Vice President Finance and Chief Financial
Officer ("CFO") Mark Schweitzer. Mr.
Schweitzer joined the Company in January
2017 and will remain in his existing capacity until the
spring of 2021.
"We thank Mark for his exceptional leadership and strategic
insights that have positioned Perpetual for future success. Mark's
contributions to Perpetual have been invaluable and while he will
be missed, we will celebrate with him in his upcoming retirement."
said President and CEO Sue Riddell
Rose. "As a Board, we continually assess and address our
succession plans and are pleased to announce that one of our
Directors, Ryan Shay, will be
joining the Perpetual team as Vice President Finance and CFO upon
Mark's retirement. To ensure a smooth transition, Ryan joined
Perpetual's Executive Leadership Team on February 1, 2021 and has been fully engaged in
our year-end reporting and balance sheet refinancing process."
Mr. Shay brings more than 25 years of industry experience and
was most recently Managing Director, Head of Investment Banking at
Cormark Securities. Mr. Shay holds Chartered Professional
Accountant – Chartered Accountant and Chartered Financial Analyst
designations, and a Bachelor of Commerce in Accounting from the
University of Saskatchewan. Mr. Shay
will remain on Perpetual's Board of Directors.
In connection with Mr. Shay's pending appointment as Vice
President, Finance and CFO and for executive share ownership and
shareholder alignment purposes, the Company has issued Mr. Shay, on
a non-brokered private placement basis, 1,000,000 common shares at
a price of $0.23 per share for gross
proceeds to the Company of $230,000.
Perpetual will use the proceeds from this private placement for
working capital purposes. No commissions or finder fees were
payable in connection with this private placement. The shares
issued to Mr. Shay are subject to a statutory four month hold
period expiring June 16, 2021. Pro
forma this private placement, Perpetual will have 62,530,227 net
shares outstanding.
The private placement is subject to final Toronto Stock Exchange
approval. As the shares were issued to an officer of the Company,
this private placement is a related party transaction (as defined
under Multilateral Instrument 61-101 Protection of Minority
Security Holders in Special Transactions ("MI 61-101")).
The Company relied upon the exemptions from security holder
approval and formal valuation requirements in sections 5.5(a) and
5.7(1)(a) of MI 61-101 [Fair Market Value Not More Than 25 Per
Cent of Market Capitalization], as neither the fair market
value of the common shares nor the consideration paid for the
common shares exceeds 25% of the Company's market capitalization,
as calculated in accordance with MI 61-101.
ADDITIONAL INFORMATION
About Perpetual
Perpetual is an oil and natural gas exploration, production and
marketing company headquartered in Calgary, Alberta. Perpetual owns a diversified
asset portfolio, including liquids-rich conventional natural gas
assets in the deep basin of West Central Alberta, heavy crude oil
and shallow conventional natural gas in Eastern Alberta, and undeveloped bitumen
leases in Northern Alberta.
Additional information on Perpetual can be accessed at
www.sedar.com or from the Corporation's website at
www.perpetualenergyinc.com.
The Toronto Stock Exchange has neither approved nor disapproved
the information contained herein.
Forward-Looking Information
Certain information regarding Perpetual in this news release
may constitute forward-looking information or statements under
applicable securities laws. Undue reliance should not be placed on
forward-looking information, which is not a guarantee of
performance and is subject to a number of risks or uncertainties,
including without limitation those described herein and under "Risk
Factors" in Perpetual's Annual Information Form and MD&A for
the year ended December 31, 2020 and
in other reports on file with Canadian securities regulatory
authorities which may be accessed through the SEDAR website
(www.sedar.com) and at Perpetual's website
(www.perpetualenergyinc.com). Readers are cautioned
that the foregoing list of risk factors is not exhaustive.
Forward-looking information is based on the estimates and opinions
of Perpetual's management at the time the information is released,
and Perpetual disclaims any intent or obligation to update publicly
any such forward-looking information, whether as a result of new
information, future events or otherwise, other than as expressly
required by applicable securities law.
SOURCE Perpetual Energy Inc.