Business
Turner Venture Group Announces the Completion of the Cancellation of ~21M Common Shares
Turner Venture Group Announces the Completion of the Cancellation of ~21M Common Shares.
About this update from Turner Valley Oil & Gas, Inc.
[{"type":"text","content":"HOUSTON, TX / ACCESSWIRE / January 25, 2022 / Turner Valley Oil and Gas, Inc. (the "Company") ("Turner") (OTC PINK:TVOG), now doing business as Turner Venture Group, Inc., is pleased to announce the completion of the cancellation of 21,007,275 common shares.The canceled shares include restricted common shares held by former management as previously announced in the Phase 1 plan, which have been settled in exchange for Preferred B shares. "The purpose of this share cancellation is to reduce the overall TVOG share count and protect Turner investors in order to limit dilution as the Company prepares for acquisitions and future capitalization plans," said Chairman and CEO, Dr. Jordan Balencic. "Our goal is to retire (or convert to preferred stock) as much common stock as possible to enhance and strengthen our balance sheet in anticipation of additional capital funding to fund the growth of our subsidiaries and new acquisitions."New management has begun working on additional share retirements and convertible debt settlements. Should these be completed, then details will soon be announced, in addition to closing items for the Hemp Operator acquisition previously announced.The Company's capitalization structure following the completion of the aforementioned share cancellation is displayed below:Authorized Common Shares:500,000,000 Common Shares (Prior to Cancellation)226,426,808Common Shares Canceled (Completed):-21,007,275 Common Shares (As of 09-30-21):205,419,533 Authorized Preferred Stock:4,000,000Preferred Shares A (Issued):1,827,000Preferred Shares B (Issued):1,450,000Preferred Shares (As of 09-30-21):3,277,000Dr. Jordan Balencic, Chairman and CEO, also stated "This share cancellation was important to both the Company and its investors. This is a significant cancellation in the amount of 9.2% of the previously issued and outstanding Common Stock of the Company." He added; "Every move we will be making now and, in the future, will contribute to the larger plan to create new and exponential value for our shareholders. Cancellation of outstanding shares is only a small part of the bigger picture."After successfully raising $125,000.00 in seed funding over the past 18 months, the Company has advanced its next round of private placements to raise $250,000.00 to support its gr...