Gastem: Proposed Restructuring Underway
December 31 2013 - 11:18AM
Marketwired
Gastem: Proposed Restructuring Underway
MONTREAL, QUEBEC--(Marketwired - Dec 31, 2013) - In order to
proceed with a proposed restructuring, Gastem (TSX-VENTURE:GMR)
intends to hold a meeting of shareholders as soon as possible to
discuss and if so decided, to approve a share consolidation. If
approved, the share consolidation will be followed by an important
financing and an announcement concerning new exploration and
development projects and properties for natural gas. Marquest has
been retained, at no up-front cost, to head the financing and to
advise and assist with the restructuring, the financings and the
share consolidation. A small bridge financing by Marquest is to be
closed in early January for on-going expenses.
"In order for Gastem to explore and develop, it is essential
that we obtain high impact projects in new and favourable areas,
outside of Quebec. Combined with a major financing and the recent
association with Marquest, the restructuring will allow the company
to move towards the market value shareholders expect," stated
Raymond Savoie, president and CEO.
Gastem is an independent oil and gas exploration and development
company based in Montreal. At present, the company holds
exploration and storage permits and rights in the St. Lawrence
Lowlands, the Gaspe Peninsula and the Magdalen Islands in Quebec as
well as rights and interests in New York State and Virginia. Other
projects are also being developed. Properties and general
information may be viewed on Gastem's website at www.gastem.ca.
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 release.
Raymond Savoie514-875-9034rs@gastem.ca
(TSXV:GMR)
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