Las Vegas, Nevada, Aug. 17, 2022 (GLOBE NEWSWIRE) -- Barrel Energy Inc. (the “Company” or “Barrel”) (OTC: BRLL) is pleased to provide a corporate update for August 2022.
Barrel has engaged Dentons Canada LLC, a part of Dentons, the world’s largest multinational law firm to assist us in the process for removal of the Cease Trade Order (“CTO”) with the British Columbia Securities Commission in Canada. The application with supporting documents was recently submitted by Dentons on our behalf and we will keep shareholders updated on this process.
Additionally, we are pleased to inform our shareholders that the approximate number of outstanding shares will be reduced by 8 to 10 percent (%) due to the return of thirty to forty million shares to treasury from multiple noteholders. Also, the company expects there will be no new share issuances within the next 12 months.
About Barrel: Barrel Energy Inc., (OTC Markets: BRLL) is focused on several ventures within the green energy and battery minerals sector and the rapid development of valuable production opportunities throughout North America and abroad. The company holds important joint venture agreements to advance technologies and processes for Electric Vehicle batteries.
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to financial results and plans for future development activities and are thus prospective. Forward-looking statements include all statements that are not statements of historical fact regarding intent, belief or current expectations of the Company, its directors or its officers. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control. Actual results may differ materially from those projected in the forward-looking statements. Among the factors that could cause actual results to differ materially from those indicated in the forward-looking statements are risks and uncertainties associated with the Company's business and finances in general, including the ability to continue and manage its growth, competition, global economic conditions and other factors discussed in detail in the Company's periodic filings with the Security and Exchange Commission.