Stockholm, 2013-12-09 11:28 CET (GLOBE NEWSWIRE) --
Petrogrand AB has requested the conversion of convertible debentures 2 of 185 249 280 SEK to 9 262 464 newly issued B-shares in Shelton Petroleum.
The total number of shares in Shelton Petroleum will after the conversion amount to 21 425 552, of which 170 580 A shares and 21 254 972 B shares. Shelton Petroleum has at the extraordinary general meeting on 22 August 2013 decided to convert 170 580 A-shares to 170 580 B-shares as soon as the conversion of convertible 2 took place.
Petrogrand AB comes after conversion hold 50,23% of all shares and 50,23% of all votes in Shelton Petroleum.
The convertible, with maturity date 2013-12-31, was designed primarily for a specific business transaction. This particular deal has been delayed and it is not currently clear whether and when it can be implemented. In the light of Shelton Petroleum's good results have Petrogrand decided to convert and enable funding for continued investment.
Petrogrand will apply for exemption from the mandatory bid obligation to Aktiemarknadsnämnden, to continue to be able to call an extraordinary general meeting for decision to distribute Petrogrand's shares in Shelton Petroleum in accordance with Lex Asea.
This is a translation of the Swedish version. In case of any discrepancy between the English and the Swedish version, the Swedish version shall take precedence.
For further information, please contact:
Maks Grinfeld, CEO, phone: +46 8 5000 7810
Mikael Wallgren, Chairman, phone: +46 8 5000 7810
Certified Adviser First North: Mangold Fondkommission AB
Reasonable caution notice: The statement and assumptions made in the company's information regarding Petrogrand AB's ("Petrogrand") current plans, prognoses, strategies, concepts and other statements that are not historical facts are estimations or "forward looking statements" concerning Petrogrand's future activities. Such future estimations comprise but are not limited to statements that include words such as "may occur", "concerning", "plans", "expects", "estimates", "believes", "evaluates", "prognosticates" or similar expressions. Such expressions reflect the management of Petrogrand's expectations and assumptions made on the basis of information available at that time.
These statements and assumptions are subject to a large number of risks and uncertainties. These, in their turn, comprise but are not limited to I) changes in the financial, legal and political environment of the countries in which Petrogrand conducts business, II) changes in the available geological information concerning the company's projects in operation, III) Petrogrand's capacity to continuously guarantee sufficient financing to perform their activities as a "going concern", IV) the success of all participants in the group, or of the various interested companies, joint ventures or secondary alliances, V) changes in currency exchange rates, in particular those relating to the RUB/USD rate. Due to the background of the many risks and uncertainties that exist for any oil-prospecting venture and oil production company in its initial stage, Petrogrand's actual future development may significantly deviate from that indicated in the company's informative statements.
