CALGARY, AB and SAN ANTONIO, TX / ACCESSWIRE / March 13, 2020 / Nexera Energy Inc. (TSX Venture:NGY) (formerly Emerald Bay Energy Inc. (TSX Venture:EBY)) (the "Corporation", the "Company" or "Nexera") today announced that, further to its press release dated March 2, 2020 and further to the shareholder approvals received at its special meeting of the Company's shareholders held on February 28, 2020 (the "Special Meeting"), the Corporation will, effective March 17, 2020: (i) complete its consolidation of the issued and outstanding Common Shares of the Corporation on a "1 new for 15 old" basis (the "Consolidation"); and (ii) change the Corporation's name to "Nexera Energy Inc." (the "Name Change"). The Board of Directors believes that the Consolidation could lead to increased interest by a wider audience of potential investors resulting in a more efficient market for the Common Shares. The Name Change is being completed in order to better reflect the future business and operations of the Corporation.
Effective March 17, 2020 (the effective date for the Consolidation and Name Change), there will be 23,606,891 Common Shares issued and outstanding (pre-Consolidation there were 354,103,367 Common Shares issued and outstanding). The exercise price and number of common shares of the Corporation issuable upon the exercise of outstanding stock options, warrants or other convertible securities will be proportionately adjusted to reflect the Consolidation. The Corporation's new stock symbol for trading on the TSX Venture Exchange will be "NGY".
A letter of transmittal was sent to all shareholders advising them of the Consolidation (and Name Change) as part of the materials sent out for the Special Meeting. The letter of transmittal provides details to shareholders on how to surrender the old share certificates and obtain new share certificates representing the number of common shares to which they are entitled as a result of the Consolidation. Until surrendered, each share certificate formerly representing common shares will be deemed for all purposes to represent the number of common shares to which the holder thereof is entitled as a result of the Consolidation.
About Nexera Energy Inc.
Nexera Energy Inc. (TSX Venture: NGY) is an energy company with oil producing properties in Southwest Texas. Nexera is owner and operator of the Lavernia, Wooden Horse and Nash Creek Projects. Additionally, the Company owns and operates various working interests in the HugoCellR, Cotulla, and MarPat partnerships. The Company also owns 75% of Production Resources Inc., a South Texas oil company.
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Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release includes statements that may constitute "forward-looking" statements, usually containing the words "believe," "estimate," "project," "expect", "plan", "intend", "anticipates", "projects", "potential" or similar expressions. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Forward-looking statements are statements that are not historical facts.
Information inferred from the interpretation of drilling results may also be deemed to be forward looking statements, as it constitutes a prediction of what might be found to be present when and if a well is actually developed. BOE's may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1 Bbl is based on energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. The reader is cautioned that assumptions used in the preparation of such information, which are considered reasonable by Emerald Bay at the time of preparation, may prove to be incorrect. Actual results achieved will vary from the information provided and the variations may be material. There is no representation by Emerald Bay that actual results achieved will be the same in whole or part as those indicated in the forward-looking statements. Forward-looking statements in this document include statements regarding the Company's exploration, drilling and development plans, the Company's expectations regarding the timing and success of such programs. In particular, forward-looking information in this news release includes, but is not limited to, statements with respect to: pipeline acquisitions and leasing; pipeline permits, pipeline construction, production estimates, drilling operations, completion operations, funding and development goals. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, level of activity, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information. Factors that could cause or contribute to such differences include, but are not limited to, fluctuations in the prices of oil and gas, uncertainties inherent in estimating quantities of oil and gas reserves and projecting future rates of production and timing of development activities, competition, operating risks, acquisition risks, liquidity and capital requirements, the effects of governmental regulation, adverse changes in the market for the Company's oil and gas production, dependence upon third-party vendors, and other risks detailed in the Company's periodic report filings with the applicable securities regulators.
SOURCE: Nexera Energy Inc.
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