CALGARY, AB, Sept. 7, 2021 /CNW/ - Alvopetro Energy Ltd.
(TSXV: ALV) (OTCQX: ALVOF), ("Alvopetro", or the "Company")
announces that pursuant to a special resolution passed by
shareholders on August 12, 2021, a
final order from the Alberta Court
of Queen's Bench and the conditional approval of the TSX Venture
Exchange (the "TSXV"), we have completed our previously
announced arrangement, which involved a 2,100 to 1 share
consolidation followed immediately by a 1 to 700 share split (the
"Share Restructuring"). Shareholders who held less than 2,100
common shares at the close of business on September 3, 2021 are entitled to receive a cash
payment in exchange for their common shares equal to C$1.12 per common share (the "Cash Proceeds").
The Cash Proceeds are based on the volume weighted average trading
price of the common shares on the TSXV during the 5 consecutive
trading days ending on and including September 3, 2021.
The Common Shares are expected to begin trading on a
post-consolidation and split basis on the TSXV and the OTCQX as of
the opening of trading today, September 7,
2021, under a new CUSIP number (02255Q209) and the same
trading symbol. Alvopetro's closing trading price on the TSX
Venture Exchange on Friday, September 3,
2021 was C$1.15 per share
which equates to C$3.45 per share
post-consolidation and post-split.
Letters of transmittal were mailed to registered shareholders on
July 21, 2021 providing instructions
to surrender their common shares to Alvopetro's transfer agent, TSX
Trust Company ("TSX Trust") for: (a) in the case of holders of
2,100 or more Common Shares as of September
3, 2021, replacement certificates or DRS advices equivalent
to the number of post-consolidation and split common shares to
which the holder is entitled; and (b) in the case of holders of
less than 2,100 common shares as of September 3, 2021, the Cash Proceeds. Registered
shareholders are requested to submit their share certificates or
DRS advices, as applicable, together with their completed
applicable letter of transmittal to TSX Trust. Registered
shareholders holding less than 2,100 Common Shares should complete
the yellow letter of transmittal. Registered shareholders
holding 2,100 Common Shares or more should complete the blue
letter of transmittal. Copies of the letters of transmittal are
available on Alvopetro's SEDAR profile at www.sedar.com and on the
Company's website at https://alvopetro.com/Shareholder-Documents.
Any questions regarding the letters of transmittal can be directed
to TSX Trust Company at 1-866-600-5869 (North America) or 416-342-1091
(Local/International), or tmxeinvestorservices@tmx.com.
Non-registered beneficial holders holding their common shares
through a bank, broker or other intermediary should note that such
banks, brokers or other nominees may have specific procedures for
processing the Share Restructuring which may differ from those
described above for registered shareholders. Non-registered
beneficial holders who have any questions in this regard are
encouraged to contact their intermediary for further
information.
The exercise or conversion price of, and the number of common
shares issuable under any share-based compensation plan of the
Company has been proportionately adjusted.
Social Media
Follow Alvopetro on our social media channels at the following
links:
Twitter -
https://twitter.com/AlvopetroEnergy
Instagram - https://www.instagram.com/alvopetro/
LinkedIn -
https://www.linkedin.com/company/alvopetro-energy-ltd
YouTube:
https://www.youtube.com/channel/UCgDn_igrQgdlj-maR6fWB0w
Alvopetro Energy Ltd.'s vision is
to become a leading independent upstream and midstream operator in
Brazil. Our strategy is to unlock
the on-shore natural gas potential in the state of Bahia
in Brazil, building
off the development of our Caburé natural gas field and our
strategic midstream infrastructure.
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 news release.
Forward-Looking Statements and Cautionary
Language. This news release contains "forward-looking
information" within the meaning of applicable securities laws. The
use of any of the words "will", "expect", "intend" and other
similar words or expressions are intended to identify
forward-looking information. Forward–looking statements
involve significant risks and uncertainties, should not be read as
guarantees of future performance or results, and will not
necessarily be accurate indications of whether or not such results
will be achieved. A number of factors could cause actual results to
vary significantly from the expectations discussed in the
forward-looking statements. These forward-looking statements
reflect current assumptions and expectations regarding future
events. Accordingly, when relying on forward-looking statements to
make decisions, Alvopetro cautions readers not to place undue
reliance on these statements, as forward-looking statements involve
significant risks and uncertainties. Forward-looking statements in
this news release include statements with respect to the date
Alvopetro expects is common shares to begin trading on a
post-consolidation and split basis. Additional information on
factors that could affect the operations or financial results of
Alvopetro are included in our annual information form which may be
accessed on Alvopetro's SEDAR profile at www.sedar.com.
The forward-looking information contained in this news release is
made as of the date hereof and Alvopetro undertakes no obligation
to update publicly or revise any forward-looking information,
whether as a result of new information, future events or otherwise,
unless so required by applicable securities laws.
SOURCE Alvopetro Energy Ltd.