VANCOUVER, British Columbia, March 28, 2017 (GLOBE NEWSWIRE) -- Panorama Petroleum Inc. (TSX-V:PPA) ("Panorama" or the "Company") is pleased to provide a corporate update and strategy for refocus and renewal for 2017. In conjunction with the refocus and renewal, the consolidation and name change was approved by the shareholders at the Corporation's Special Meeting (the “Meeting”) held on March 24, 2017. The shareholders have approved a share consolidation of its issued and outstanding Common Shares on a one (1) new for a five and half (5.5) pre-consolidation Common Share basis. No fractional common shares will be issued pursuant to the Consolidation. All Fractional interests will be rounded down to the nearest whole number of shares. As of date hereof, the Corporation has 143,200,080 common shares issued and outstanding, and the Corporation will have approximately 26,036,378 common shares issued and outstanding post-consolidation.
The purpose of a structural adjustment of the Company's stock is to better position Panorama to refocus its efforts on international opportunities in the energy sector and evaluate projects in undervalued jurisdictions.
The Corporation's new CUSIP number is 85284P102 and new ISIN number is CA85284P1027. The Company will commence trading on the TSX Venture Exchange under the new symbol “STMP” within a few days.
A Letter of Transmittal with respect to the Consolidation will be mailed to the shareholders of the Corporation.
About Panorama Petroleum Inc. (TSX-V:PPA)
Panorama Petroleum Inc. is a resource exploration company engaged in the business of acquiring and exploring oil and gas properties. The Company has assembled an experienced management team with a growth strategy to develop portfolio of Oil and Gas projects. The Company’s main objective is to add shareholder value through exploration and development of high quality resources through strategic acquisitions, joint ventures while maintaining a lower risk profile through project diversification and efficient financial management. The Company is focusing on late exploration and early development stage projects of high technical merit in favorable geopolitical jurisdictions.
Further information about the Company is available under our profile on SEDAR at SEDAR.com.
ON BEHALF OF THE BOARD OF DIRECTORS
“David Greenway”
President
For further information, please contact us at:
Phone: +1.604.684.2401
Email: info@panoramapetroleum.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within it, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements, other than as required pursuant to applicable securities laws.