CALGARY, ALBERTA–(Marketwired – June 9, 2016) –
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Bayshore Petroleum Corp. (“Bayshore” or the “Company”) (TSX VENTURE:BSH) announces that Raymound Go has resigned as Chairman of the Board of the Company effective immediately. Mr. Go is resigning as Chairman and board member for personal reasons. Mr. Go has been a valuable member of the Board and has contributed his valuable time to various Board Committees, and the Board and officers of Bayshore wish Mr. Go the very best of luck and success in his future endeavors.
Peter Ho, currently President, CEO, and a Board member, will assume the role of Chairman of the Board and resign as President, effective immediately. Mark Roth, currently the CFO and a Director, will assume the role of President as well as CFO. All of these changes have been approved by the Board of Directors, effective immediately.
The composition of the Board of Directors will be reviewed in more detail in the 2016 shareholders’ meeting, expected before the fall of 2016. This meeting could potentially follow a major investment in the Poplar Creek (Fort McMurray) property as previously discussed in a Bayshore May 16, 2016, news release. A further announcement will be made by June 30, 2016. Bayshore shares remain halted from trading, and shall remain halted from trading pending receipt of applicable documentation by the TSX Venture Exchange.
On behalf of the Board of Directors, BAYSHORE PETROLEUM CORP.
Peter Ho, Chairman and CEO
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. This press release may also contain forward-looking or subjective information regarding technology, processes, and the oil and gas industry. 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 and oil and gas 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, technology and technology implementation, 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.
Completion of a transaction is subject to a number of conditions, including Exchange acceptance and disinterested Shareholder approval. The transaction cannot close until the required Shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the Management Information Circular to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of Bayshore should be considered highly speculative.
The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
