East West Petroleum proposes return of capital

2024-06-19 08:24 ET - News Release

Mr. Nick DeMare reports

EAST WEST PETROLEUM ANNOUNCES PROPOSED RETURN OF CAPITAL

East West Petroleum Corp.'s board of directors has determined that its in the best interest of the company to return capital to its shareholders by way of a reduction in stated capital of the company.

The Company will call a special meeting of its shareholders, to be held in August 2024 (the "Meeting"), where shareholders will be asked to consider and, if advisable, approve, among other things, a reduction in the stated capital of the Company (the "Capital Reduction"), which is currently $39,868,761, by up to $ 3 million, pursuant to the Business Corporations Act (British Columbia), for the purposes of distributing to the holders of common shares of the Company a portion of the Company's cash in the amount of $0.03 per common share (the "Distribution"). The Capital Reduction and the Distribution are subject to, among other things, the receipt of shareholder and regulatory approvals. There can be no assurances that the Capital Reduction and the Distribution will receive the required approvals, or that the Company will proceed with the Capital Reduction or the Distribution.

Further details in respect of the Capital Reduction, the Distribution and special general meeting matters will be announced when determined and will be provided in the management information circular of the Company in respect of the Meeting to be filed with regulatory authorities and mailed to shareholders in July 2024 in accordance with applicable securities laws.

Shareholders and other interested parties are advised to read the materials relating to the Meeting when they become available. Anyone may obtain copies of these documents when available free of charge under the Company's profile at the Canadian Securities Administrators' website at www.sedarplus.ca.

We seek Safe Harbor.