VANCOUVER, BC / ACCESSWIRE / April 8, 2014 / Boomerang Oil, Inc. (formerly 0922327 B.C. Ltd.) (the "Company"), announces that it has completed the three-cornered amalgamation (the "Amalgamation") pursuant to the acquisition and amalgamation agreement ("Amalgamation Agreement") dated March 25, 2014 among the Company, Shale Corp. ("Shale"), and 2301840 Ontario Inc. ("Newco"), a wholly-owned subsidiary of the Company incorporated solely for the purpose of completing the Amalgamation.
Pursuant to the Amalgamation Agreement, Shale amalgamated with Newco to form a combined entity ("Amalco") and the Company issued 70,000,000 common shares in the capital of the Company to the holders of common shares in the capital of Shale on the basis of one share of the Company for one share of Shale held by the Shale shareholders. Upon completion of the Amalgamation, Amalco became a wholly-owned subsidiary of the Company.
In connection with the Amalgamation, 0922327 B.C. Ltd. changed its name to "Boomerang Oil, Inc." to reflect the new business of the Company. The Company will adopt the business of Shale, which includes the exploration, acquisition and operation of oil and gas assets principally within the United States of America. Shale is currently operating within Texas and has a compliant NI 51-101 Reserve Estimate.
ON BEHALF OF THE BOARD
Dennis Alexander, President & CEO
For Further information contact: Dennis Alexander at [email protected], or by telephone on (480) 948-6581
This news release also includes forward-looking statements that involve a number of risks and uncertainties. The information reflects numerous assumptions as to industry performance, general business and economic conditions, regulatory and legal requirements, taxes and other matters, many of which are beyond the control of the company. Similarly, this information assumes certain future business decisions that are subject to change. There can be no assurance that the results predicted here will be realized. Actual results may vary from those represented, and those variations may be material.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
THE CSE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE: Boomerang Oil, Inc.