NOT FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW.
HONG KONG, Jan. 09, 2018 (GLOBE NEWSWIRE) — Pursuant to the early warning requirements of applicable Canadian securities laws, Evenergy Company Limited (“Evenergy”) announces that on January 8, 2018 it acquired control over 2,597,321 common shares (“Common Shares”) of Point Loma Resources Ltd. (“Point Loma”) from treasury at a purchase price of $0.29 per share for an aggregate purchase price of $753,223.09 (the “Transaction”). The Transaction was completed pursuant to the terms and conditions of a subscription agreement made as of January 8, 2018 between Point Loma and Evenergy.
Following the completion of the Transaction, Evenergy has control over 10,972,321 Common Shares. The Common Shares are registered in the name of Evenergy’s wholly-owned subsidiary, Loyal Petroleum Corporation.
Prior to the closing of the Transaction, Evenergy had control over 8,375,000 Common Shares, representing approximately 15.9% of the then outstanding Common Shares. Immediately after the completion of the Transaction, Evenergy had control over 10,972,321 Common Shares, representing approximately 19.9% of the current outstanding Common Shares.
As previously disclosed, Point Loma and Evenergy are party to an investor rights agreement dated May 29, 2017 (the “Investor Rights Agreement”) pursuant to which Jianjun Cui was appointed to the board of directors of Point Loma and which grants Evenergy the right to participate in future equity issuances of Point Loma to maintain Evenergy’s pro rata ownership interest on the terms set out in the Investor Rights Agreement.
Evenergy is confident about Point Loma’s long term strategy, and would like to continuously support Point Loma as the largest shareholder by maintaining its pro rata ownership interest in Point Loma pursuant to its rights under the Investor Rights Agreement.
Further details regarding the acquisition of the Common Shares described above and a copy of the early warning report filed under applicable Canadian securities laws in connection with the Transaction are available on Point Loma’s SEDAR profile or at Point Loma’s head office, which is located at 2000, 350 – 7th Avenue S.W. Calgary, Alberta, T2P 3N9.
Evenergy is a long term strategic investor targeting high quality oil and gas assets to pursue its upstream strategy. Evenergy is a Hong Kong registered company, a subsidiary of Zhongcheng Group, one of the largest privately owned independent petroleum refinery, oil products and LPG distribution and retail companies in China.
For further information or to obtain a copy of the early warning report filed in conjunction with this news release, please contact:
Evenergy Company Limited
Jianjun Cui, President
Unit 6636, 66/F, The Center 99
Queens Road Central Hong Kong
Phone: +852 39653259 / +86 13910283073