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Saturn Oil & Gas Inc. Announces Appointment of Chief Financial Officer and Proposed Share Consolidation
Calgary, Alberta--(Newsfile Corp. - June 2, 2021) - Saturn Oil & Gas Inc. (TSXV: SOIL) (FS...
About this update from Saturn Oil & Gas Inc.
[{"type":"text","content":"Saturn Oil & Gas Inc. Announces Appointment of Chief Financial Officer and Proposed Share ConsolidationCalgary, Alberta--(Newsfile Corp. - June 2, 2021) - Saturn Oil & Gas Inc. (TSXV: SOIL) (FSE: SMK) (\"Saturn\" or the \"Company\") is pleased to announce the appointment of Mr. Scott Sanborn as Chief Financial Officer (\"CFO\"), effective June 1, 2021, along with a proposed consolidation (the \"Share Consolidation\") of Saturn's outstanding common shares (the \"Common Shares\") on an up to 20:1 basis (the \"Consolidation Ratio\") as may be determined by the board of directors of the Company (the \"Board\") in its sole discretion, subject to shareholder and regulatory approval.Appointment of Chief Financial OfficerSaturn is excited to announce that Mr. Scott Sanborn will be assuming the role of CFO on a full-time, permanent basis effective June 1, 2021. Mr. Sanborn brings over 14 years of oil and gas focused finance, capital markets and accounting experience. He most recently served as Corporate Controller of Calgary-based Jupiter Resources from November 2016 until its sale to Tourmaline Oil in December 2020. Prior thereto, Mr. Sanborn held various leadership roles with energy companies including Marquee Energy and Verano Energy, and earlier, worked with KPMG LLP. Mr. Sanborn holds his Chartered Professional Accountant Designation and earned a Bachelor of Commerce degree in Accounting from the University of Calgary. The Company is pleased to welcome Scott to the team and wishes to thank departing interim CFO, Ms. Wendy Woolsey, for her significant contributions to Saturn over the past eight months.Rationale for the Proposed Share Consolidation The primary objective for Saturn's Board to seek authority to effect the Share Consolidation is to provide greater flexibility in any future acquisitions and financings the Company may wish to complete. In particular, in light of the current market conditions, management believes it will be beneficial to the current shareholders to have issued share capital made more attractive to future investors. Additionally, an increase in per-share trading price of the Common Shares following the Share Consolidation may reduce certain transaction costs for investors when trading in the Common Shares.In determining whether to seek approval to effect the Share Consolidation, the Board also considered...