VANCOUVER, British Columbia, June 19, 2019 (GLOBE NEWSWIRE) -- ZTR Acquisition Corp. (formerly, Oyster Oil and Gas Ltd.) (the “Company”) announces that it has transferred all of the outstanding share capital of the Company’s wholly-owned operating subsidiary, Oyster Oil & Gas Limited (“Subco”), to Northbay Capital Partners Corp. and Gunsynd PLC (collectively, the “Creditors”), in settlement (the “Settlement”) of outstanding debts owing to the Creditors in connection with certain convertible debentures issued by the Company. Pursuant to the Settlement, the Creditors have forgiven outstanding indebtedness in the principal amount of $1,232,215, including any interest accrued on this amount.
Subco holds the rights to production sharing contracts in Madagascar and Djibouti. Following completion of the Settlement, the Creditors have control of these contracts, and have assumed responsibility for the management and obligations of Subco. As a result of the Settlement, and the disposition of Subco, the Company no longer has any operating assets and has been notified by the TSX Venture Exchange (the “Exchange”) that its listing will be transferred to the NEX board of the Exchange.
The Company anticipates that trading in its common shares will resume on the NEX board of the Exchange, under the ticker symbol “ZTR.H”, and will provide additional information on timing for the resumption of trading as soon as it becomes available. For further information concerning the Settlement, readers are encouraged to review the management information circular prepared for the annual general and special meeting of shareholders of the Company held on June 7, 2019, a copy of which is available under the Company’s profile on SEDAR (www.sedar.com).
For further information please contact:
Martin Bajic, Chief Financial Officer
Tel: (604) 628-5621
Fax: (604) 662-7950
This news release contains statements about the Company's expectations regarding the resumption of trading on the Exchange, and the transfer of its listing to the NEX board of the Exchange, that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them as actual results may differ materially from the forward-looking statements and there can be no assurance that such expectations will prove to be correct. Factors that could cause the actual results to differ materially from those in forward-looking statements include failure to obtain regulatory approval for the resumption of trading, and the availability of financing sources in connection with the consolidation. The forward-looking statements contained in this news release are made as of the date hereof, and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, except a required by applicable securities laws. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
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.