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FOOTHILLS EXPLORATION, INC. ANNOUNCES RETIREMENT AND SETTLEMENT OF A DILUTIVE WARRANT
FOOTHILLS EXPLORATION, INC. ANNOUNCES RETIREMENT AND SETTLEMENT OF A DILUTIVE WARRANT.
About this update from Foothills Exploration, Inc
[{"type":"text","content":"\n LOS ANGELES, Nov. 08, 2022 (GLOBE NEWSWIRE) -- Foothills Exploration, Inc. (OTC: FTXP), including its direct and indirect subsidiaries, (“Foothills,” or the “Company”), an oil and gas exploration company focused on delivering the energy needs of today and tomorrow, is pleased to announce that it has reached a settlement agreement and paid to extinguish a dilutive warrant. Balance Sheet Initiatives: For the remainder of the year, the Company’s intended strategy is to settle and/or retire all of its outstanding convertible debt and associated warrants to clean up its balance sheet and better position itself for future growth. To that end, the Company recently reached a settlement agreement with an institutional investor, which retired and extinguished all of their remaining warrants issued in 2019, and cancelled their 498,086,349 irrevocable share reservation held by the Company’s stock transfer agent. “This agreement is a pivotal step as we continue tightening our balance sheet and working towards becoming a fully-reporting company with audited financials,” said Bruno P. Allaire, the Company’s Chief Executive Officer. “Management is delivering on its promise to clean up the dilutive components of the Company's balance sheet and taking decisive action to eliminate all toxic debt and minimize future dilution risk to shareholders. This move prevents the potential for up to one billion shares or more of our common stock from flooding the market,” continued Allaire. “The Company looks forward to partaking in sensible and rational discussions with its two remaining convertible note and warrant holders intended to reach the best possible outcome for shareholders, while also supporting the Company’s future growth plans,” ended Allaire. About the Company Foothills Exploration, Inc. (FTXP), is an oil and gas exploration and development company focused on delivering the energy needs of today and tomorrow. The Company’s strategy is to build a balanced portfolio of assets through two core initiatives. The first initiative is to generate high-impact oil and gas exploration projects. The second is to invest in hydrogen and geothermal projects for a low carbon future through its New Energy Ventures division by identifying areas where the Company can cont...