CALGARY, Alberta, July 16, 2018 (GLOBE NEWSWIRE) -- CaiTerra International Energy Corporation (TSX-V: CTI ) (the " Company ") would like to announce a correction to a financial note appearing in: (i) the Company’s audited annual financial statements for the years ended September 30, 2017 and 2016; (ii) the interim financial statements for the three-month period ended December 31, 2017; and (iii) the interim financial statements or the three and six month periods ended March 31, 2018 and 2017, all of which have been filed on the Company’s SEDAR profile at www.sedar.com (collectively, the “ Disclosure Documents ”).
The financial note, which appears under the heading “Share Capital” in the each of the Disclosure Documents, inaccurately references that 27,000,000 common shares in the capital of the Company have been released from escrow. This statement is incorrect and the Company confirms that, as of the date of this news release, these 27,000,000 shares remain in escrow and have not been released.
The relevant excerpt from the Disclosure Documents are as follows:
“(c) Escrowed Shares
As at [the date of the Disclosure Document], 1,600,000 ([the date of the comparison period for such Disclosure Document] – 1,600,000) issued common shares were held in escrow. The TSX Venture Exchange (the “Exchange”) placed a freeze on the further release of these shares in escrow. The freeze will be removed at the earlier of (a) the Company providing written evidence satisfactory to the Exchange that it has completed specific work on the Lac La Biche Property and/or the Amadou Property (the “Properties”); or (b) the Exchange providing written confirmation to the Company that the Exchange is satisfied based on reviewing an updated NI 51-101 compliant technical report for the Properties, that no further work on the Properties are warranted. These shares held in escrow have been excluded from the calculation of loss per share. During the year ended September 30, 2017, the work performed on the Lac La Biche property has been halted, and as a result, 27,000,000 shares have been released from escrow.”
The corrected statement should read as follows:
“(c) Escrowed Shares
As at [the date of the Disclosure Document], 28,600,000 ([the date of the comparison period for such Disclosure Document] – 28,600,000) issued common shares were held in escrow. The TSX Venture Exchange (the “Exchange”) placed a freeze on the further release of these shares in escrow. The freeze will be removed at the earlier of (a) the Company providing written evidence satisfactory to the Exchange that it has completed specific work on the Lac La Biche Property and/or the Amadou Property (the “Properties”); or (b) the Exchange providing written confirmation to the Company that the Exchange is satisfied based on reviewing an updated NI 51-101 compliant technical report for the Properties, that no further work on the Properties are warranted. These shares held in escrow have been excluded from the calculation of loss per share.”
Due to this correction to the number of common shares held in escrow, references to the numbers 101,030,211 and 74,055,211 reported in each of the Disclosure Documents under the heading “Weighted Average Number of Common Shares Outstanding” should be corrected to read 74,030,211.
Amended versions of the Disclosure Documents have not and will not be filed on the Company’s SEDAR profile.
Neither the 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.
Contact Information
CaiTerra International Energy Corporation
Songning Shen
Chief Executive Officer
(403) 875-2129
CaiTerra International Energy Corporation
Perla Woo
President
(403) 827-6328
