CALGARY,
AB, March 27, 2023 /CNW/ - CanAsia Energy
Corp. ("CanAsia") (TSXV: CEC) announced today that its subsidiary
Andora Energy Corporation ("Andora") completed the purchase of
Andora common shares owned by minority shareholders for a cash
payment of $0.044 per share. CanAsia,
which previously owned 88.2% of the Andora common shares, now owns
100% of the Andora common shares.
The transaction was completed by consolidating Andora common
shares so that minority shareholders of Andora each held a
fractional Andora common share post-consolidation. Andora
immediately redeemed those fractional shares for cash and cancelled
them. The cash payment to minority shareholders of $0.044 per share is based on the number of Andora
common shares held by minority shareholders before the share
consolidation. Holders of Andora options participated in the
transaction by accepting a cash payment equal to the "in-the-money"
value of their options. CanAsia agreed to provide to Andora
sufficient funds, estimated to up to $1,900,000, to complete the transaction and pay
Andora's reasonable transaction expenses.
The transaction was approved by Andora shareholders at a special
meeting earlier today. Votes were cast at the meeting by the
holders of 89.56% of the Andora common shares and the level of
approval was 99.99% of the votes cast by shareholders who
voted.
Instructions for Andora Shareholders:
To receive the cash payment, a registered shareholder
must first complete and sign the letter of transmittal that
accompanied the Andora management information circular dated
March 2, 2023 and return it, together
with certificate(s) representing the Andora common shares held, to
Computershare Investor Services Inc. ("Computershare"). Additional
copies of the letter of transmittal are available from
Computershare.
Only registered holders of Andora common shares should
complete the letter of transmittal. Beneficial
shareholders, who hold their Andora common shares through an
intermediary such as a securities dealer, trust company or bank,
may only receive the cash payment through the registered owner of
their Andora common shares. In many cases, the registered holder of
Andora common shares for a beneficial shareholder will without
further instructions complete the letter of transmittal, deposit
with Computershare the certificate(s) representing the Andora
common shares held and receive the cash payment for the beneficial
shareholder. However, beneficial shareholders are encouraged to
contact the intermediary who holds their Andora common shares to
determine what, if any, action must be taken by the beneficial
shareholder.
CanAsia is a Calgary,
Alberta based oil and gas company with operations in
Western Canada.
This press release contains forward-looking information.
Forward-looking information is generally identifiable by the
terminology used, such as "expect", "believe", "estimate",
"should", "anticipate" and "potential" or other similar
wording.
Forward-looking information in this press release includes
references, express or implied, to cash payments to Andora minority
shareholders, funds to complete the transaction and pay Andora's
reasonable transaction expenses and instructions for Andora
shareholders.
By its very nature, the forward-looking information contained
in this press release requires CanAsia and its management to make
assumptions that may not materialize or that may not be accurate.
In addition, the forward-looking information is subject to known
and unknown risks and uncertainties and other factors, some of
which are beyond the control of CanAsia, which could cause actual
results, expectations, achievements or performance to differ
materially. Although CanAsia believes that the expectations
reflected in its forward-looking information are reasonable, it can
give no assurances that those expectations will prove to be
correct. CanAsia undertakes no obligation to update publicly or
revise any forward-looking information, whether as a result of new
information, future events or otherwise, except as required by
applicable securities laws.
Neither 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.
SOURCE CanAsia Energy Corp.