Business
East West Petroleum Shareholders Approve Return of Capital
Vancouver, British Columbia--(Newsfile Corp. - August 16, 2024) - East West Petroleum Corp. (TSX...
About this update from East West Minerals Ltd.
[{"type":"text","content":"East West Petroleum Shareholders Approve Return of CapitalVancouver, British Columbia--(Newsfile Corp. - August 16, 2024) - East West Petroleum Corp. (TSXV: EW) (\"East West\" or the \"Company\") announces that its shareholders have today approved its previously announced return of capital by way of a reduction in stated capital of the Company. In accordance with the special resolution passed by the shareholders, the board of directors of the Company has determined that the stated capital of the Company, which is currently $39,868,761, will be reduced 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 Company will issue a further news release once the effective date for the Capital Reduction and the Distribution is finalized. Further details in respect of the Capital Reduction and Distribution are available in the management information circular of the Company in respect of the special meeting of shareholders held on August 16, 2024, a copy of which is available free of charge under the Company's profile at the Canadian Securities Administrators' website at www.sedarplus.ca.On Behalf of the Board\"Nick DeMare\"Nick DeMare,Director & Interim CEO604.685.9316Neither 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.Forward-looking StatementsThis news release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation (collectively, \"forward-looking statements\") that relate to the Company's current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as \"will likely result\", \"are expected to\", \"expects\", \"will continue\", \"is anticipated\", \"anticipates\", \"believes\", \"estimated\", \"intends\", \"plans\", \"forecast\", \"projection\", \"strategy\", \"objective\" and \"outlook\") are not historical facts a...