CALGARY, AB–(Marketwired – March 09, 2016) –
Annual and Special Meeting of Shareholders of the Company
Stonehaven Exploration Ltd. (“Stonehaven” or the “Company“) (TSX VENTURE: SE) reports that Stonehaven’s Annual and Special Meeting of Shareholders of the Company was held on March 9, 2016 in Calgary, Alberta. Stonehaven’s shareholders elected Randy Kwasnicia, Gordon Mayr, Murray Scalf, Malcolm Todd and Colin Watt as directors of the Company.
Stonehaven’s shareholders also approved and adopted the Company’s stock option plan and the appointment of Smythe LLP., Chartered Accountants, as auditors of the Company for the ensuing year.
The Company views current market and industry conditions as an unique opportunity to undertake accretive property and/or corporate transactions and as reported in the Company’s press release of February 2, 2016, Stonehaven will consider strategic alternatives and the maximization of shareholder value and which alternatives may include acquisitions, dispositions and/or exchange of assets, recapitalization or mergers with other companies. Except as required by law, Stonehaven does not intend to disclose developments with respect to strategic alternatives until the board of directors of the Company has approved a definitive transaction or strategic alternative. The Company cautions that there are no guarantees that a transaction will be undertaken or a strategic alternative pursued.
Stonehaven currently has 11,345,433 common shares issued and outstanding, no debt and an estimated net working capital position of approximately $3.0 million.
The Company holds operated and non-operated interests in petroleum and natural gas rights at Bigstone, Fir and Wilson Creek, Alberta.
Further information relating to Stonehaven is also available on its website at www.stonehavenexp.com.