| Maha Energy AB (publ) |
| Biblioteksgatan 1 |
| SE-111 46 Stockholm |
| www.mahaenergy.ca |
Press release Stockholm 12 th December 2016
This press release is not for release, publication or distribution, directly or indirectly, in or into Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa, Switzerland or the United States, or in any other jurisdiction where distribution of this press release could be illegal or subject to legal restrictions. See also section IMPORTANT INFORMATION below. Maha Energy AB (publ) ("Maha" or the "Company") announces Guarantors sell 4,000,000 locked-up shares to Kvalitena AB (publ) Maha advises that certain Guarantors (as described in previous Press Releases of the Company dated June 7, 2016 and June 30, 2016) that are subject to a lock-up in place until January 29 2017 (the "Lock-up") have entered into an agreement to sell 4,000,000 class A Shares of the Company to the Company's cornerstone shareholder Kvalitena AB effective December 9, 2016. According to the terms of Guarantee Agreement, any proposed sale of class A shares under the Lock-up by Guarantors must be approved by Stockholm Corporate Finance and the Company which approval was sought and obtained. These shares will remain subject to the Lock-up until January 29 th 2017. Kvalitena AB will now own 21.9% of the Class A and B Shares of the Company and are the Company's largest shareholder.
Jonas Lindvall, CEO of Maha Energy commented:
"We are very pleased that our largest shareholder and partner Kvalitena AB continues to demonstrate confidence in Maha and its management. The Company is entering into an exciting growth phase just as the oil market rebounds which should greatly benefit Kvalitena AB and all of our shareholders."
Harald Pousette, CEO of Kvalitena Industrier AB commented:
"After working with the Company and its management for over six month we are very positive to what have been achieved so far and the future outlook for the Company. Kvalitena will long term support Maha Energy in its ambition to be a first class oil company."
For more information, please contact: Jonas Lindvall (CEO) Tel: +1 403 454 7563 Email: jonas@mahaenergy.ca
or
Ron Panchuk
Tel: +1 403 454 7564 Email: ron@mahaenergy.ca
Miscellaneous
This information is published in accordance with the EU Market Abuse Regulation and/or the Swedish Financial Instruments Trading Act. The information was submitted for publication through the agency of the contact persons set out above on 12 December 2016, at 3:45 p.m. CET.
Maha in Brief Maha Energy AB is a Swedish public limited liability company. Setterwalls Advokatbyrå AB acts as legal adviser to the Company. FNCA Sweden AB has been engaged as Certified Adviser. The Company's auditors are Deloitte.
The Company's predecessor Maha Energy Inc was founded in 2013 in Calgary, Canada, by Jonas Lindvall and Ron Panchuk. In May 2016, the new group was formed with Maha Energy AB as parent company for purposes of the Offering and the planned listing. Jonas Lindvall, CEO and Managing Director, has 25 years of international experience in the oil and gas industry, starting his career with Lundin Oil during the early days of E&P growth. After 6 years at Shell and Talisman, Jonas joined, and helped secure the success, of Tethys Oil AB. Maha's strategy is to target and develop underperforming hydrocarbon assets on global basis. The Company will operate two oil-fields, Tartaruga in Brazil and LAK Ranch, in Wyoming, US. For more information, please visit our website www.mahaenergy.ca .
Important Information
Publication or distribution, directly or indirectly, of this press release could in some jurisdictions be subject to restrictions according to law and recipients of this press release, or part of it, are required to inform themselves of, and comply with, such legal restrictions. This press release is not for release, publication or distribution, directly or indirectly, in or into Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa, Switzerland or the United States, or in any other jurisdiction where distribution of this press release could be illegal or subject to legal restrictions. Copies of this press release are not being made and may not be distributed or sent, in whole, or part, directly or indirectly, in violation of such restrictions. Failure to comply with such restrictions may constitute a criminal act under the United States Securities Act of 1933 (as amended) ("Securities Act") or applicable laws in other jurisdictions.
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