IRW-Press: Aroway Energy Inc. Announces Approval Of Warrant Term Extension And Warrant Price Amendment



Published on 09 June 2014


by Press Office

(IRW-PRESS and WireNews+Co)

Vienna, Austria


Aroway Energy Inc. (TSX-V: ARW) (OTCQX: ARWJF) (http://www.arowayenergy.com) (the "Company") is pleased to announce  that the Company has received TSX Venture Approval to re-price and extend the term of 4,584,741 share purchase warrants ("Warrants") originally issued in December 2012 and set to expire on June 12, 2014.  The Warrants that are the subject of the re-pricing and extension application consist of 3,212,741 Warrants with an exercise price of $0.65 per Warrant and 1,372,000 Warrants with an exercise price of $0.60 per Warrant, which were issued in connection with the Company's private placement that closed in tranches on December 4 and December 21, 2012. The foregoing Warrants are now set to expire on December 12, 2014 with the new exercise price for each full warrant set at $0.30.  The warrants also carry a forced exercise provision under TSX Venture policy 4.1, section 4.3(b), if the closing price for the Company's shares is $0.375 or greater for a period of 10 consecutive trading days, then the warrant holders will have 30 days to exercise their warrants; otherwise the warrants will expire on the 31st day.

Chris Cooper, President & CEO of Aroway Energy commented, "I am very pleased that we were able to obtain the approval to extend and re-price the outstanding share purchase warrants to the benefit of our current warrant holders. The exercise of these warrants will benefit Aroway by potentially adding approximately $1.4 million to treasury."

About Aroway Energy Inc.

Aroway Energy Inc. is a western Canadian junior oil production and exploration company participating in oil development & exploration prospects in Alberta and Saskatchewan.  Aroway operates and owns a 100% working interest heavy oil producing property in West Hazel, Saskatchewan, a 100% working interest light oil producing property in Kirkpatrick Lake, Central Alberta and has access to a large contiguous prospective land base in the Kerrobert area of West Central Saskatchewan. 

ON BEHALF OF AROWAY ENERGY INC

"Chris Cooper"

President & CEO

For further information, please contact:

Chris Cooper

President & CEO

Toll Free:  1-855-427-6929

Email:  cooper@arowayenergy.com

Judy-Ann Pottinger

Director of Communications

Toll Free:  1-855-427-6929

jpottnger@arowayenergy.com

Neither 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. A conversion ratio of 1 barrel of oil equivalent ("boe"); 6 Mcf has been used, which is based on an energy equivalency conversion method primarily applicable at the burner tip and does not necessarily represent a value equivalency at the wellhead.  Boes may be misleading, particularly if used in isolation.


Contacts

  •  
  • Joachim Brunner
  • IRW-Press
  • PR Contact
  • Tel: +43724221193011
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Posted 2014-06-09 15:16:00