Redistribution in Ownership at Pelicourt Ltd.


NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

ATHENS, Greece, March 08, 2018 (GLOBE NEWSWIRE) -- Pelicourt Ltd. (“Pelicourt”) announces that its four partners have agreed to a redistribution in ownership.  Pelicourt owns 124,336,089 common shares of Cub Energy Inc. (“Cub”) traded on the TSX Venture Exchange. 

Previously, the distribution of ownership at Pelicourt was as follows: Andreas Tserni (31% owner); Valentin Bortnik (31% owner); Mr. Afendikov (31% owner) and Robert Bensh (7% owner). 

Mr. Afendikov now owns a total of 72.4% interest in Pelicourt, with Mr. Tserni owning 12.4%, Mr. Bortnik owning 12.4% and Mr. Bensh owning 2.8%.

Pelicourt will file an updated early warning report under National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues describing the above transfer in ownership.  The report will be available with Cub's documents filed at www.sedar.com.  In addition, a copy of the report may be obtained from Mikhail Afendikov, telephone +30 694 4518940.