TORONTO, Nov. 19, 2018 (GLOBE NEWSWIRE) -- Claren Energy Corp. (“Claren” or the “Company”) (TSX-V: CEN) announces that it plans to consolidate its issued and outstanding common shares at a ratio of ten (10) pre-consolidated shares to one (1) post-consolidation share (the “Consolidation”). The purpose of the Consolidation is to facilitate the Company’s ability to attract future financings, generate greater investor interest and improve trading liquidity.
The Company currently has 59,442,476 common shares issued and outstanding. Upon completion of the Consolidation, the Company will have 5,944,247 common shares issued and outstanding.
In accordance with the Company’s Articles, the Consolidation will not require the approval of the shareholders.
The Consolidation is subject to the acceptance of the TSX Venture Exchange.
About Claren Energy Corp.
Claren Energy Corp. is an oil and gas company that has a (40%) participating interest in the Bobocu License, onshore Romania. Its common shares trade on the TSX Venture Exchange under the symbol "CEN".
For more information please contact:
Mark Lawson
T: +1 647 256 1986
Email: mark@clarenenergy.com
Investor Relations
Email: info@clarenenergy.com
This news release contains forward-looking information relating to the Company. Such forward-looking information is subject to important risks and uncertainties that could cause actual results to differ materially from what is currently expected, for example: risks related to oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, competition from other producers, inability to retain drilling rigs and other services, reliance on key personnel, and insurance risks.. Findings by other oil and gas issuers does not necessarily indicate that the company will be successful in making such findings in Romania. In making such forward-looking statements, the Company has relied upon certain assumptions relating to geological settings, commodity prices, the stability of markets and currencies and the availability of capital to the Company in order to continue with the seismic and drilling programs. You should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the Company may elect to, the Company is under no obligation and does not undertake to update this information at any particular time, except as required by applicable securities law.
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 release.