CALGARY, April 19, 2018 /CNW/ - Zedcor Energy Inc.
(the "Company" or "Zedcor") (TSX VENTURE: ZDC) is pleased to
announce that it has issued 776,334 common shares in the capital of
Zedcor (the "Consideration Shares") to a private
Alberta company as payment for a
lease surrender fee in the amount of $200,000 incurred by Zedcor in connection with
the termination of a lease of a yard and building located in
Estevan, Saskatchewan. The
expiry date of the lease was July 31,
2021 and, prior to its termination, represented a total
outstanding obligation for Zedcor of $372,000. The Consideration Shares are subject to
a statutory hold period under applicable securities legislation
until August 20, 2018. The
Consideration Shares were issued at a deemed price of $0.257621 per share, representing the volume
weighted average price of the Company's shares traded on the TSX
Venture exchange for the five (5) trading days immediately prior to
the closing date, divided into $200,000. The TSX Venture Exchange (the
"Exchange") has provided its conditional acceptance in
respect of the foregoing transactions and Zedcor expects final
Exchange approval in the near future.
Ian McKinnon, President and Chief
Executive Officer, stated "The termination of this lease eliminates
monthly expenses that are no longer needed in the execution of our
business, and is a further step in our strategy to strengthen our
balance sheet and improve our cash flow."
Forward-Looking Statements and Information
Certain statements included or incorporated by reference in this
press release constitute forward-looking statements or
forward-looking information. Forward-looking statements or
information may contain statements with the words "anticipate",
"believe", "expect", "plan", "intend", "estimate", "propose",
"budget", "should", "project", "or similar words suggesting future
outcomes or expectations. Although the Company believes that the
expectations implied in such forward-looking statements or
information are reasonable, undue reliance should not be placed on
these forward-looking statements because the Company can give no
assurance that such statements will prove to be correct.
Forward-looking statements or information are based on current
expectations, estimates and projections that involve a number of
assumptions about the future and uncertainties. Although management
believes these assumptions are reasonable, there can be no
assurance that they will be proved to be correct, and actual
results will differ materially from those anticipated. For this
purpose, any statements herein that are not statements of
historical fact may be deemed to be forward-looking statements. The
forward-looking statements or information contained in this press
release are made as of the date hereof and the Company assumes no
obligation to update publicly or revise any forward-looking
statements or information, whether as a result of new contrary
information, future events or any other reason, unless it is
required by any applicable securities laws. The forward-looking
statements or information contained in this press release are
expressly qualified by this cautionary statement.
About Zedcor Energy Inc.
Zedcor Energy Inc. is a Canadian public corporation and parent
company to Zedcor Energy Services Corp. ("Zedcor Corp."). Zedcor
Corp. is engaged in the rental of surface equipment and
accommodations to the Western Canadian Oil and Gas Industry. The
Company trades on the TSX Venture Exchange under the symbol
"ZDC".
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 Zedcor Energy Inc.
