Perisson Petroleum Corporation
Perisson Announces Grant of Options, Change of Auditor and Application for Management Cease Trade Order
Wednesday, April 24, 2019 11:24 AM
CALGARY, AB / ACCESSWIRE / April 24, 2019 / Perisson Petroleum Corporation ("Perisson" or the "Company") (TSXV: POG) is pleased to announce the grant of 10,000,000 stock options to the company's chief financial officer Mr. Brad Perry that were issued pursuant to the Company's stock option plan. Mr. Perry is also a director of the Company. The options vest over a 3 year period, are exercisable at a price of $0.20 per share and expire in April 2024. The shares issuable upon exercise of the options may not be traded for 4 months and one day from the date of grant.
The Company also announces that it has changed its auditor from MNP LLP, Chartered Accountants (the "Former Auditor") to Manning Elliott LLP, Chartered Accountants (the "Successor Auditor"). On March 28, 2019, the Former Auditor resigned as auditor of the Company and the board of directors of the Company appointed the Successor Auditor as the Company's auditor effective April 15, 2019 until the close of the next Annual General Meeting of the Company.
There were no reservations, unresolved issues or disagreements with the Former Auditor and there were no reportable events between the Company and the Former Auditor. Pursuant to National Instrument 51- 102 Continuous Disclosure Obligations, the Notice of Change of Auditor, together with the letter from the Former Auditor and the letter from the Successor Auditor have been reviewed by the Company's audit committee and board of directors and has been filed on SEDAR accordingly.
The Corporation also announces that it has made an application to the Alberta Securities Commission to approve a temporary management cease trade order ("MCTO") under National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203"), which, if granted, will prohibit trading in securities of the Corporation by certain insiders of the Corporation, whether direct or indirect. The Corporation is unable to file its audited financial statements for the year ended December 31, 2018 and the management's discussion and analysis and related Chief Executive Officer and Chief Financial Officer certificates for this period (collectively, the "Required Filings") before the April 30, 2019 filing deadline (the "Filing Deadline").
The Corporation's failure to file its Required Filings by the Filing Deadline is due to the unexpected resignation of its former auditor, which required the Corporation to seek a new auditor for completion of its Required Filings. The Corporation has engaged Manning Elliott LLP's as its new auditor but due to the unexpected resignation of its prior auditor, the completion of its Required Filings will not be possible prior to the April 30, 2019 filing deadline.
The Corporation anticipates that it will be a position to remedy the default by filing the Required Filings on or before May 29, 2019. The MCTO will be in effect until the Required Filings are filed.
The Corporation intends to satisfy the provisions of the alternative information guidelines set out in sections 4.3 and 4.4 of NP 12-203 so long as the Required Filings are outstanding.
About Perisson Petroleum Corporation
Perisson Petroleum Corporation is listed on the TSX Venture Exchange and trades under the symbol "POG". The Corporation has ownership in certain oil and gas producing properties in the Twining area of Alberta, Canada. The Company also holds a 100% working interest in the VMM-17 block, a license located in the prolific, stable, oil-producing region of the Middle Magdalena Basin in central Colombia.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Wayne Rousch, President
Direct Line: (403) 827-8597
FORWARD LOOKING STATEMENTS
This news release contains forward-looking statements relating to the timing and completion of the future operations of Perisson and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the proposed Acquisition and the future plans and objectives of Perisson, are forward looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Perisson's expectations are risks detailed from time to time in the filings made by Vela with securities regulations.
This news release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.
Trading in the securities of Perisson Petroleum Corporation should be considered highly speculative. 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: Perisson Petroleum Corporation