On August 29, 2024, at 7:00 AM EDT, East West Petroleum Corp. (TSXV: EW) announced its plans to distribute $0.03 per common share to its shareholders through a return of capital, totaling $2,714,569.95 based on the current number of issued and outstanding shares. This distribution follows the approval of the reduction of the company’s stated capital for this purpose at a special meeting of shareholders on August 16, 2024.
Registered shareholders as of September 5, 2024, will receive their pro rata share of the distribution via a cheque from the company’s paying agent, Computershare Investor Services Inc. Beneficial shareholders will receive payment through their respective intermediaries.
The capital reduction process will involve various deemed sequential steps, including the reclassification of existing common shares into Class A common shares, the creation of new common shares, and the exchange of Class A common shares for new common shares. These steps will be carried out without any further action required by shareholders, as detailed in the management information circular available on the Canadian Securities Administrators’ website.
All forward-looking statements in this release are based on the company’s current expectations and may involve uncertainties that could lead to different outcomes. The company does not guarantee the accuracy of these statements and undertakes no obligation to update or revise them, except as required by law. Any factors that may impact the results are beyond the company’s control, and readers should exercise caution when relying on the forward-looking statements provided in this release.
