Home Energy company Tenaz Energy Corp. announces the closing of the rights offering and the effective date of the reverse stock split

Tenaz Energy Corp. announces the closing of the rights offering and the effective date of the reverse stock split


CALGARY, AB, December 17, 2021 / CNW / – Tenaz Energy Corp. (“Tenaz“or the”Society“) (TSXV: TNZ) is pleased to announce the previously announced closure of its business (see the Company’s press release dated November 8, 2021) rights offering (the “Rights offer“) of the rights of the Company (the”Rights“), which expired at 4:00 p.m. (Calgary It’s time December 13, 2021. Tenaz is also pleased to announce that it will now proceed with its previously announced equity consolidation (as defined below).

Logo Tenaz Energy Corp. (CNW Group / Tenaz Energy Corp.)

Rights offer

As part of the rights offering, the rights holders purchased a total of 10,179,840 ordinary shares of Tenaz (“Ordinary actions“) at the subscription price of $ 0.18 per common share for total gross proceeds of approximately $ 1.8 million. The net proceeds of the rights offering will be used by Tenaz for general corporate purposes, capital expenditures and the acquisition of global oil and gas assets.

To Tenaz’s knowledge, the initiates of Tenaz (being John chambers, David Burghardt and Travis Stephenson) subscribed for and received a total of 218,425 Common Shares pursuant to the Rights Offering. All other rights holders, as a group, have subscribed for 9,961,415 ordinary shares as part of the rights offering. There was no subscription privilege or additional subscription commitment in connection with the rights offering. To Tenaz’s knowledge, no one has become an insider as a result of the Rights Offering.

At the closing of the Rights Offering, a total of 283,980,814 Common Shares were issued and outstanding. The Rights Offering remains subject to final acceptance by the TSX Venture Exchange (the “TSXV“). No fees or commissions were paid in connection with the rights offering, however, Tenaz has incurred approximately $ 0.1 millions of dollars in expenses related to the Rights Offering.

Consolidation of actions

Tenaz will now proceed with the previously announced consolidation of its outstanding common shares (the “”Consolidation of actions“) on the basis of one new ordinary share for ten existing ordinary shares (the”Consolidation ratio“). The Consolidation Ratio was determined by the Board of Directors of the Company according to the parameters authorized by the shareholders of the Company at the extraordinary meeting of shareholders held on October 7, 2021. The reverse stock split will come into effect on 23 December 2021, and the common shares are expected to begin trading on the TSX Venture Exchange following the Consolidation on or about December 24, 2021. Completion of the reverse stock split remains subject to the approval of the TSXV.

As a result of the reverse stock split, the number of common shares outstanding will be reduced from 283,980,814 common shares outstanding to approximately 28,398,074 common shares outstanding. The common shares will continue to be listed on the TSX Venture Exchange under the symbol “TNZ”. After the consolidation of the shares, the new freely tradable CUSIP and ISIN numbers for the ordinary shares will be 88034V304 and CA88034V3048 respectively.

Fractional Common Shares will not be issued as a result of the Share Consolidation. Any fraction of an interest in the Common Shares that would otherwise result from the reverse stock split will be rounded up to the next full Common Share.

The number and exercise prices of the Company’s outstanding warrants and stock options will be adjusted to reflect the reverse stock split.

The Company’s transfer agent, Odyssey Trust Company (“Odyssey“), will act as the exchange agent for the reverse stock reverse. Upon completion of the reverse stock reverse, letters of transmittal will be mailed to registered shareholders of the Company. Registered shareholders are requested to do so. to submit their share certificates or DRS statements, as well as their Until delivery, each share certificate or DRS statement representing ordinary shares before the consolidation will be deemed to represent the number of whole ordinary shares after the consolidation to which the shareholder is entitled by virtue of the consolidation of shares.

Beneficial shareholders who hold their Ordinary Shares through intermediaries (stockbrokers, brokers, banks, financial institutions, etc.) and who have questions about how the reverse split will be handled should contact their intermediaries.

About Tenaz Energy Corp.

Tenaz is an energy company focused on the acquisition and sustainable development of international oil and gas assets capable of returning free cash flow to shareholders. In addition, Tenaz is leading the development of a semi-conventional oil project in the Rex member of the Upper Mannville group at Leduc-Woodbend in the center. Alberta.


Cheeky Research information and statements

This press release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words “expect”, “anticipate”, “budget”, “plan”, “continue”, “estimate”, “objective”, “in progress”, “may”, ” will ”,“ project ”,“ should ”,“ believe ”,“ plan ”,“ intend ”,“ strategy ”and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the foregoing, this press release contains forward-looking information and statements regarding: the use of the net proceeds of the rights offering; details of the share consolidation, including timing and completion thereof and receipt of all regulatory approvals relating thereto; the date on which the post-consolidation common shares will begin to trade on the TSXV; the number of ordinary shares outstanding following the reverse stock split and the Company’s business strategy.

The forward-looking information and statements contained in this press release reflect several important factors, expectations and assumptions of the Company, including, without limitation: the timing and receipt of TSXV approval of the ‘offering of rights and reverse stock split, the continued performance of the Company’s oil and gas properties in a manner consistent with its past experiences; that the Company will continue to conduct its operations in a manner consistent with past operations; the general maintenance of current industrial conditions; the maintenance of existing tax, royalty and regulatory regimes (and, in certain circumstances, the implementation of the proposed regimes); the accuracy of estimates of the Company’s reserves and resource volumes; certain assumptions about commodity prices and other costs; the continued availability of petroleum services; and the continued availability of adequate debt and equity financing and operating cash flows to fund its planned expenditures. The Company believes that the important factors, expectations and assumptions reflected in the forward-looking information and statements are reasonable, but no assurance can be given that such factors, expectations and assumptions will prove to be correct.

The forward-looking information and statements included in this press release are not guarantees of future performance and should not be improperly relied upon. These information and statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information or statements, including, without limitation: changes in commodity prices; changes in the demand for or supply of the Company’s products; unforeseen operating results or production declines; changes in tax or environmental laws, royalty rates or other regulatory matters; changes in the Company’s development plans or by third party operators of the Company’s properties, increased debt levels or debt service requirements; inaccurate estimate of the volumes of the Company’s oil and gas reserves and resources; limited, unfavorable or lack of access to capital markets; increased costs; a lack of adequate insurance coverage; the impact of competitors; and certain other risks detailed from time to time in the Company’s public documents.

The forward-looking information and statements contained in this press release speak only as of the date of this press release, and the Company assumes no obligation to update or revise them publicly to reflect new events or circumstances. , unless it may be required under applicable law.

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.

SOURCE Tenaz Energy Corp.



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