DIVERGENT Energy Services Announces Results of its Special Meeting of Shareholders
December 29 2020 - 9:00AM
DIVERGENT Energy Services Corp.
(“Divergent”, the "
Company", or
“
DVG”
) is pleased to announce the
results of its Special Meeting of Shareholders held on December 28,
2020.
Motions Approved by the
Shareholders
The Company has received approval from its
shareholders for (a) the consolidation of the common shares of the
Company on the basis of one (1) post-consolidation share for up to
every ten (10) pre-consolidation shares outstanding, and (b) the
conversion of seventy five percent (75%) of the outstanding
principal amount of the debentures held by certain related parties
of the Company into common shares of the Company at a price of
$0.03 per share (prior to the effect of the share
consolidation). The approved transactions, which are
subject to final approval from the TSX Venture Exchange, are
described in detail in the Information Circular which is available
at both www.sedar.com and the Company’s website at
www.divergentenergyservices.com. The Company expects the process to
receive final approval from the TSX Venture Exchange to be
completed in the next two weeks.
Cameron Barton, Executive Chairman commented:
“Having received approval of shareholders on these two critical
matters allows the financial restructuring of the Company to
proceed. In turn this will enable the Company to seek the necessary
capital to support growth expectations within our region of focus.
I wish to thank shareholders for their ongoing commitment in this
regard.”
For Further Information:
Ken Berg, President and Chief Executive Officer,
kberg@divergentenergyservices.com
Lance Mierendorf, Interim Chief Financial Officer,
lmierendorf@divergentenergyservices.com
ABOUT DIVERGENT ENERGY SERVICES CORP.
Headquartered in Calgary, Alberta, Divergent
provides Artificial Lift products and services that are used in the
oil and gas industry. Product lines including Electric Submersible
Pumps, Electric Submersible Progressing Cavity Pumps, and the
future development of an Electromagnetic Pump technology.
DIVERGENT Energy Services Corp., 2020, 715 – 5th Ave SW,
Calgary, AB T2P 2X6, (403) 543-0060, (403) 543-0069 (fax),
www.divergentenergyservices.com
FORWARD LOOKING STATEMENTS
This press release contains forward-looking
statements, including, without limitation, statements pertaining to
shareholder meeting procedures. All statements included herein,
other than statements of historical fact, are forward-looking
information and such information involves various risks and
uncertainties. There can be no assurance that such information will
prove to be accurate, and actual results and future events could
differ materially from those anticipated in such information. A
description of assumptions used to develop such forward-looking
information and a description of risk factors that may cause actual
results to differ materially from forward-looking information can
be found in the Company's disclosure documents on the SEDAR website
at www.sedar.com. The Company may, as considered necessary in the
circumstances, update or revise such forward-looking statements,
whether as a result of new information, future events or otherwise,
but the Company undertakes no obligation to update or revise any
forward-looking statements, except as required by applicable
securities laws.
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.
(Not for dissemination in the United States of
America)
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