Virtual Meeting to be Held on September 9, 2020
Calgary, Alberta and Houston, Texas--(Newsfile Corp. - August 4, 2020) - PetroTal Corp. (TSXV: TAL) (AIM: PTAL) ("PetroTal" or the "Company") is pleased to announce that a management information circular (the "Circular") and other materials in respect of its annual general and special meeting (the "Meeting") of holders ("Shareholders") of its common shares ("Shares") have been filed on the Company's profile on SEDAR at
www.sedar.com. The Meeting will be held solely by means of remote communication by webcast at
http://www.gowebcasting.com/10771 and by telephone at Canada/USA Toll Free: 1-800-319-4610 International Toll: +1-604-638-5340 on September 9, 2020 at 10:00 a.m. (Calgary time).
At the Meeting, Shareholders will be asked to consider for approval, among other things, a resolution authorizing the Board of Directors, at its discretion, to proceed with a potential consolidation of the Shares on the basis of a ratio of between four and eight pre-consolidation Shares for each one post-consolidation Share (the "Consolidation").
The Consolidation is subject to approval of the TSX Venture Exchange (the "TSXV") and Shareholders at the Meeting. If these approvals are received and the Board of Directors determines to proceed, the Consolidation will occur at a time determined by the Board and announced by a press release of the Company. The Company believes that the Consolidation, if implemented, will promote increased liquidity and reduced volatility in the trading of the Shares.
The Company currently has 814,555,701 issued and outstanding Shares. In the event that the Consolidation is completed, for example, on a four for one basis, the Company would have approximately 203,638,925 Shares outstanding following the Consolidation. In addition, the exercise price and number of Shares issuable upon the exercise of any convertible securities would be proportionally adjusted upon the implementation of the Consolidation.
Further details on the reasoning for the Consolidation and the other matters to be considered at the Meeting are contained in the Circular.