East West Petroleum proposes return of capital 2024-06-19 08:24 ET - News Release Mr. Nick DeMare reports EAST WEST PETROLEUM ANNOUNCES PROPOSED RETURN OF CAPITAL East West Petroleum Corp.'s board of directors has determined that its in the best interest of the company to return capital to its shareholders by way of a reduction in stated capital of the company. The Company will call a special meeting of its shareholders, to be held in August 2024 (the "Meeting"), where shareholders will be asked to consider and, if advisable, approve, among other things, a reduction in the stated capital of the Company (the "Capital Reduction"), which is currently $39,868,761, by up to $ 3 million, pursuant to the Business Corporations Act (British Columbia), for the purposes of distributing to the holders of common shares of the Company a portion of the Company's cash in the amount of $0.03 per common share (the "Distribution"). The Capital Reduction and the Distribution are subject to, among other things, the receipt of shareholder and regulatory approvals. There can be no assurances that the Capital Reduction and the Distribution will receive the required approvals, or that the Company will proceed with the Capital Reduction or the Distribution. Further details in respect of the Capital Reduction, the Distribution and special general meeting matters will be announced when determined and will be provided in the management information circular of the Company in respect of the Meeting to be filed with regulatory authorities and mailed to shareholders in July 2024 in accordance with applicable securities laws. Shareholders and other interested parties are advised to read the materials relating to the Meeting when they become available. Anyone may obtain copies of these documents when available free of charge under the Company's profile at the Canadian Securities Administrators' website at www.sedarplus.ca. We seek Safe Harbor.
East West Petroleum mails circular for Aug. 16 meeting 2024-07-30 10:32 ET - News Release Mr. Nick DeMare reports EAST WEST PETROLEUM PROVIDES UPDATE ON PROPOSED RETURN OF CAPITAL East West Petroleum Corp. has provided this update in regard to the status of the proposed return of capital announced on June 19, 2024. The company has prepared and mailed its management information circular and related proxy materials to its shareholders in connection with the special meeting of shareholders to be held at 10 a.m. Vancouver time on Aug. 16, 2024. The meeting materials have been mailed to shareholders of record as of July 10, 2024. At the meeting, shareholders will be asked to consider, and if deemed advisable, approve a special resolution authorizing and approving, among other things, the distribution to shareholders, on a pro-rata basis, of an aggregate amount of up to $3-million in cash as a return of capital. Your vote is important regardless of the number of shares you own. As a shareholder, it is very important that you read the meeting materials carefully and then vote at the meeting. You are eligible to vote if you were a shareholder of record at the close of business on the record date. A copy of the meeting materials is available under the company's profile on SEDAR+. The board of directors of the company unanimously recommends that shareholders vote in favour of the proposed distribution. Shareholders are encouraged to vote well in advance of the proxy voting deadline on Aug. 14, 2024, at 10 a.m. Vancouver time. Subject to the required approval from shareholders and the TSX Venture Exchange, the company anticipates the distribution will be effective on or about Aug. 23, 2024.
