CALGARY,
AB, Aug. 25, 2022 /CNW/ - CanAsia Energy
Corp. ("CanAsia") is pleased to announce commencement of
operations. CanAsia is the result of an arrangement under the
Business Corporations Act (Alberta) (the "Arrangement") initiated
by Pan Orient Energy Corp. ("Pan Orient").
CanAsia was incorporated by Pan Orient for the purpose of the
Arrangement and now owns the non-Thailand business formerly owned by Pan
Orient. The former shareholders of Pan Orient are now the
shareholders of CanAsia. The common shares of CanAsia have been
conditionally accepted for listing on the TSX Venture Exchange
("TSXV").
The Arrangement became effective on August 25, 2022 and trading in CanAsia shares is
expected to commence on the TSXV (trading symbol CEC) at the
opening of trading on Monday, August 29,
2022, subject to CanAsia fulfilling the requirements of the
TSXV. Pan Orient shareholders at the close of business on
August 24, 2022 are to receive, for
each Pan Orient share held, a cash payment of USD $0.788 and
one CanAsia share pursuant to the Arrangement. Trading in Pan
Orient shares on the TSXV was halted at the opening of trading
today and will remain halted until the shares are delisted from the
TSXV, expected at the close of trading on August 26, 2022.
Business
CanAsia now owns the non-Thailand business formerly owned by Pan
Orient, which includes: a 71.8% interest in Andora Energy
Corporation ("Andora"), which has interests in oil sands
properties in Sawn Lake, Alberta;
convertible loans receivable from Andora; Pan Orient's former
interests in Indonesia, which
operations are, effective January 1,
2020, considered discontinued operations for accounting
purposes; and working capital and long term deposits.
Management
The former directors of Pan Orient are the directors of CanAsia.
They are Gerald Macey (non-executive
Chairman), Jeff Chisholm (also
President & Chief Executive Officer), Richard Alexander, Michael Hibberd and Cameron Taylor. Marcel
Nunes, formerly of Pan Orient, is CanAsia's Vice President
Finance, Chief Financial Officer and Corporate Secretary.
Additional Information
Further information regarding CanAsia is contained in Appendix F
to Pan Orient's July 20, 2022
management information circular, available under Pan Orient's
profile on SEDAR at www.sedar.com.
CanAsia Energy Corp. is a Calgary,
Alberta based oil and gas exploration and production company
with operations located at Sawn Lake, Alberta.
United States Matters
This press release does not constitute an offer to sell or a
solicitation of an offer to buy any securities and shall not
constitute an offer, solicitation or sale in any state or
jurisdiction in which such an offer, solicitation or sale would be
unlawful. The securities issued and distributed pursuant to the
Arrangement have not been and will not be registered under the
United States Securities Act of 1933, as amended, or any state
securities laws and may not be offered or sold in the United States absent registration or an
applicable exemption from the registration requirements of the U.S.
Securities Act and applicable state securities laws. The securities
issued and distributed pursuant to the Arrangement were issued and
distributed in the United States
pursuant to the exemption from registration set forth in Section
3(a)(10) of the United States Securities Act of 1933, as amended
and similar exemptions under applicable state securities laws.
Cautionary
Statements
This press release contains forward-looking information.
Forward-looking information is generally identifiable by the
terminology used, such as "will", "expect", "believe", "estimate",
"should", "anticipate", "potential", "opportunity" or other similar
wording. Forward-looking information in this press release includes
references, express or implied, to: receipt by former Pan Orient
shareholders of cash and CanAsia shares; fulfilment by CanAsia of
TSXV listing requirements; commencement of trading on the TSXV of
CanAsia shares; and delisting of Pan Orient shares from the
TSXV.
By its very nature, the forward-looking information contained
in this press release requires CanAsia and its management to make
assumptions that may not materialize or that may not be accurate.
The assumptions on which the forward-looking information is based
include but are not limited to: that former Pan Orient shareholders
will receive cash and CanAsia shares in a timely manner; the
ability of CanAsia to fulfill TSXV listing requirements; and other
matters.
In addition, the forward-looking information is subject to
known and unknown risks and uncertainties and other factors, some
of which are beyond the control of CanAsia, which could cause
actual events, results, expectations, achievements or performance
to differ materially.
Although CanAsia believes that the expectations reflected in
its forward-looking information are reasonable, it can give no
assurances that those expectations will prove to be correct.
CanAsia undertakes no obligation to update publicly or revise any
forward-looking information, whether as a result of new
information, future events or otherwise, except as required by
applicable securities laws.
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 CanAsia Energy Corp.