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CALGARY, Alberta, June 29, 2018 (GLOBE NEWSWIRE) -- Bayshore Petroleum Corp. (“Bayshore” or the “Company”) (TSX Venture:BSH) shall hold an Annual General and Special Meeting (“AGM”) on August 7, 2018, at the Company’s solicitor’s offices in Calgary, Alberta. The meeting agenda shall include the election of directors, approval of the stock option plan, approval of a private placement (described below) and other common items, and shall present the annual audited financial statements and Management’s Discussion and Analysis for the twelve month period ending December 31, 2016 and the twelve month period ending December 31, 2017. The Company has obtained a Court Order enabling the Company to extend the time for holding an AGM past the statutory deadline of 15 months from the prior year’s AGM. The record date for the August 7, 2018 AGM is July 6, 2018.
The Company also announces its intention to complete a non-brokered private placement of securities consisting of 50 million common shares (“Shares”) at $0.015 per share for gross proceeds of $750,000, less any commissions or finders fees paid. The use of the proceeds from the financing is for general corporate purposes, reduction of debt, working capital and to further pursue the Company’s partial upgrading projects using the CCC technology. This private placement will create a new Control Person and is subject to approval by the TSX Venture Exchange and shareholder approval. Shareholder approval will be sought at the AGM. There will be a hold period of four months during which the Shares cannot be traded.
About Bayshore Petroleum Corp.
Bayshore is a Calgary, Alberta-based corporation focused on the exploitation of technology that increases the productivity and profitability of heavy oil and bitumen. The CCC process, and other technologies like desulphurization using the ultrasonic oxidation process, reduce upgrading and refining costs, reduce the need for diluent and other measures and costs in the transportation of oil, and expedite the end to end process of delivering fuels to the downstream user.
On behalf of the Board of Directors
BAYSHORE PETROLEUM CORP.
Chairman & CEO
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities of the Company in the United States. The Company's securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Statements in this press release may contain forward-looking information including expectations of future production, operating costs, commodity prices, administrative costs, commodity price risk management activity, acquisitions and dispositions, capital spending, access to credit facilities, income taxes, regulatory changes, and other components of cash flow and earnings. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the company. These risks include, but are not limited to, the risks associated with the mining industry, commodity prices and exchange rate changes. Industry related risks could include, but are not limited to, operational risks in exploration, development and production, delays or changes in plans, risks associated to the uncertainty of reserve estimates, health and safety risks and the uncertainty of estimates and projections of production, costs and expenses. The reader is cautioned not to place undue reliance on this forward-looking information.
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.
Bayshore Head Office:
PHONE +1403 265 8820
FAX +1403 290 6565
340-600 Crowfoot Crescent NW
Calgary, Alberta, T3G 0B4