TORONTO, ONTARIO–(Marketwired – June 13, 2017) – Dundee Energy Limited (TSX:DEN) (“Dundee Energy” or the “Corporation”) today announced that the Toronto Stock Exchange (“TSX”) has agreed to provide the Corporation with a 30 day extension of the previously announced continued listing review being undertaken by the TSX in respect of the Corporation’s common shares. The extension has been granted to provide the Corporation with additional time to further advance discussions with its lender and to complete its assessment of options available with respect to the arbitration tribunal’s decision related to the Castor Project. The Corporation is being reviewed under the TSX’s remedial review process and has until July 13, 2017 to comply with all requirements for continued listing, including with respect to financial condition and operating results and market capitalization. If the Corporation cannot demonstrate that it meets all TSX requirements set out in Part VII of the TSX Company Manual on or before July 13, 2017, the Corporation’s securities will be delisted 30 days from such date.
The Corporation intends to work diligently with the TSX during the specified period to demonstrate that the Corporation satisfies the requirements for continued listing. The Corporation is also continuing to investigate its qualifications to list its common shares on another Canadian stock exchange, however, there can be no assurance that the Corporation will be able to achieve compliance with the TSX’s continued listing requirements within the required time frame or that the Corporation will be successful in securing a listing on another Canadian stock exchange.
Certain information set out in this news release contains forward-looking statements. Forward-looking statements are statements that are predictive in nature, depend upon or refer to future events or conditions and may include words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “estimates” or similar expressions. In particular, forward-looking statements contained in this news release include, but are not limited to, statements with respect to the Corporation’s intentions to work diligently to satisfy the requirements for continued listing on the TSX and its investigation to potentially list its common shares on another Canadian stock exchange.
Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Corporation’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits the Corporation will derive from them. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
ABOUT THE CORPORATION
Dundee Energy Limited is a Canadian-based oil and natural gas Corporation with a mandate to create long-term value for its shareholders through the exploration, development, production and marketing of oil and natural gas, and through other high impact energy projects. Dundee Energy holds interests, both directly and indirectly, in the largest accumulation of producing oil and gas assets in Ontario and, through a preferred share investment, in certain exploration and evaluation programs for oil and natural gas offshore Tunisia. Dundee Energy’s common shares trade on the Toronto Stock Exchange under the symbol “DEN”.
Dundee Energy Limited
Interim Chief Financial Officer
(416) 363-4536 (FAX)