/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
CALGARY, Alberta, Jan. 10, 2019 (GLOBE NEWSWIRE) — Bayshore, the TSX Venture Exchange (TSX: BHS) listed technology focused oil and gas company, is pleased to announce the appointment of John D. Pennal as Deputy Chairman and Executive Officer, effective immediately. Mr. Pennal is currently an officer and director of several TSXV and CSE listed companies. Mr. Pennal will complement the Company’s expertise in the areas of corporate finance, mergers & acquisitions and corporate governance. At the end of 2018, Mr. Pennal retired as Counsel to Norton Rose Fulbright Canada LLP.
The Company also announces that it has granted a total of 6,600,000 options to purchase common shares of the Company (“Stock Options”) to directors, officers, employees and consultants of the Company on January 10, 2019. The Stock Options are fully vested on the grant date, are exercisable at a price of $0.05 per share, and expire on December 31, 2023.
Peter Ho, CEO, commented:
“With the reinstatement of trading of Bayshore’s common shares on the TSX Venture Exchange and the recent closing of a previously announced private placement, Bayshore has secured sufficient financing to advance its business plans and enters 2019 with positive momentum. We are well positioned to proceed with the initial steps in collaborating with key stakeholders to pilot test a heavy oil upgrade process. Bayshore’s executive team is strengthened with the addition of John Pennal and he will be invaluable in helping access financial markets as we grow the Company.“
For further information, please contact:
| Peter Ho, Chief Executive Officer and Director | peter.ho@bayshorepetroleum.com
+1 (403) 630 4355 |
| Lance Mierendorf, Chief Financial Officer | lance.mierendorf@bayshorepetroleum.com
+1 (403) 680 8773 |
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities of the Company in the United States. The Company’s securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Cautionary Statements
Statements in this press release may contain forward-looking information including expectations of future production, operating costs, commodity prices, administrative costs, commodity price risk management activity, acquisitions and dispositions, capital spending, access to credit facilities, income taxes, regulatory changes, and other components of cash flow and earnings. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. These risks include, but are not limited to, the risks associated with the mining industry, commodity prices and exchange rate changes. Industry related risks could include, but are not limited to, operational risks in exploration, development and production, delays or changes in plans, risks associated to the uncertainty of reserve estimates, health and safety risks and the uncertainty of estimates and projections of production, costs and expenses. The reader is cautioned not to place undue reliance on this forward-looking information.
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.
Bayshore Head Office:
PHONE +1 403 265 8820
FAX +1 403 290 6565
info@bayshorepetroleum.com
340-600 Crowfoot Crescent NW
Calgary, Alberta, T3G 0B4