Welcome!

News Feed Item

PetroKamchatka Plc (TSXV: PKP) announces Closing of Private Placement of Convertible Note and the Appointment of New Chief Executive Officer

ST. HELIER, Jersey, Sept. 5, 2012 /CNW/ - PetroKamchatka Plc ("PetroKamchatka" or the "Corporation"), an international junior oil exploration company incorporated in the Bailiwick of Jersey, announces that it has closed a private placement of U.S.$100,000 principal amount convertible note (the "Note") with N&M Capital Limited, a corporation controlled by Maxim Sidorin, the Chief Executive Officer of the Corporation.  The Note has a one-year term and bears no interest.   The Note gives effect to the consolidation (the "Consolidation") of the common shares in the capital of the Corporation, which will consolidate the common shares on the basis of 1 new common share for each 100 common shares held immediately prior to the Consolidation.  The Consolidation was approved by shareholders of the Corporation on August 22, 2012 and is expected to become effective shortly.  Each of the holder of the Note and the Corporation may convert all or any portion of the principal amount of the Note into post-Consolidation common shares at a price of $0.50 per post-Consolidation common share (equal to $0.005 pre-Consolidation common share) commencing on the later of (a) the effective date of the Consolidation and (b) the date the Corporation's common shares commence trading on TSX Venture Exchange subsequent to the lifting of the current trading halt.

The Note was sold pursuant to applicable registration and prospectus exemptions in Canada. The Note and the underlying common shares upon conversion of the principal amount of the Note are subject to a four-month hold period in accordance with applicable securities laws. The private placement of the Note is subject to final acceptance by the TSXV.

The Corporation intends to use the net proceeds from the private placement to finance the independent oil and gas reserve report to be prepared by DeGolyer & MacNaughton in accordance with National Instrument 51-101 (the "Report"). The Report will encompass reserve estimates on the three licences that form the Corporation's Farm-in Agreement with East Siberian Resources Ltd., as announced on June 27, 2012. The Report is required to be submitted to and reviewed by the TSX Venture Exchange prior to lifting the current trading halt on the Corporation's shares.

The Corporation is also pleased to announce that Mr. Maxim Sidorin has been appointed Chief Executive Officer effective September 5, 2012.

Mr. Sidorin previously was President and CEO of East Siberian Resources ("ESR") from 2010 until May 2012. Prior to joining ESR he was involved in a number of private equity transactions in various industries including oil and gas, holding such positions as partner and executive director at Bank-T, a Russian national bank. Previously he was a founding shareholder and a non-executive director of Timan Oil & Gas PLC.

"I am very excited with the opportunity to advance the Corporation's oil and gas exploration and development efforts in Russia, both pursuant to the Farm-in Agreement with ESR as well as other possible initiatives to grow the Corporation" said Mr. Sidorin.

Mr. Graeme Phipps, the previous CEO, will retain the positions of President and Chairman of the Board of Directors.

Mr. Phipps stated "With the shareholders' approving the name change to EastSiberian Plc and the 100 for 1 share consolidation, the Corporation has completed its reorganization efforts. The appointment of Maxim Sidorin as CEO is an important step in the Corporation's strategic plan to raise funds and carry out its obligations as set out in the Farm-in Agreement."  The name change and consolidation are expected to become effective shortly.

Neither the 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.

Forward looking Statements or Information

Certain statements included in this news release constitute forward-looking statements or forward-looking information under applicable securities legislation. Such forward-looking statements or information are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes, such as making investment decisions. Forward-looking statements or information typically contain statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "project" or similar words suggesting future outcomes or statements regarding an outlook. Forward-looking statements or information concerning PetroKamchatka in this news release may include, but are not limited to statements or information with respect to: the proposed Consolidation, the preparation of the Report, the trading of the shares on the TSX Venture Exchange, the proposed name change,the proposed financing and size of such financing, the timing and results of such events,, and the proposed use of proceeds from the private placement of the Note, and the appointment of Mr. Sidorin as President. Forward-looking statements or information are based on a number of factors and assumptions which have been used to develop such statements and information but which may prove to be incorrect. Although PetroKamchatka believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on such statements because PetroKamchatka can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified in this news release, assumptions have been made regarding, among other things, the timely receipt of any required regulatory approvals and the terms of the Note. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which have been used.

Forward-looking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by PetroKamchatka and described in the forward-looking statements or information. These risks and uncertainties may cause actual results to differ materially from the forward-looking statements or information.

The forward-looking statements or information contained in this news release are made as of the date hereof and PetroKamchatka undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise unless required by applicable securities laws. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.

SOURCE PetroKamchatka Plc

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Gemini is Yahoo’s native and search advertising platform. To ensure the quality of a complex distributed system that spans multiple products and components and across various desktop websites and mobile app and web experiences – both Yahoo owned and operated and third-party syndication (supply), with complex interaction with more than a billion users and numerous advertisers globally (demand) – it becomes imperative to automate a set of end-to-end tests 24x7 to detect bugs and regression. In th...
Amazon is pursuing new markets and disrupting industries at an incredible pace. Almost every industry seems to be in its crosshairs. Companies and industries that once thought they were safe are now worried about being “Amazoned.”. The new watch word should be “Be afraid. Be very afraid.” In his session 21st Cloud Expo, Chris Kocher, a co-founder of Grey Heron, will address questions such as: What new areas is Amazon disrupting? How are they doing this? Where are they likely to go? What are th...
SYS-CON Events announced today that IBM has been named “Diamond Sponsor” of SYS-CON's 21st Cloud Expo, which will take place on October 31 through November 2nd 2017 at the Santa Clara Convention Center in Santa Clara, California.
We all know that end users experience the Internet primarily with mobile devices. From an app development perspective, we know that successfully responding to the needs of mobile customers depends on rapid DevOps – failing fast, in short, until the right solution evolves in your customers' relationship to your business. Whether you’re decomposing an SOA monolith, or developing a new application cloud natively, it’s not a question of using microservices – not doing so will be a path to eventual b...
Infoblox delivers Actionable Network Intelligence to enterprise, government, and service provider customers around the world. They are the industry leader in DNS, DHCP, and IP address management, the category known as DDI. We empower thousands of organizations to control and secure their networks from the core-enabling them to increase efficiency and visibility, improve customer service, and meet compliance requirements.
In his session at 21st Cloud Expo, Michael Burley, a Senior Business Development Executive in IT Services at NetApp, will describe how NetApp designed a three-year program of work to migrate 25PB of a major telco's enterprise data to a new STaaS platform, and then secured a long-term contract to manage and operate the platform. This significant program blended the best of NetApp’s solutions and services capabilities to enable this telco’s successful adoption of private cloud storage and launchi...
Companies are harnessing data in ways we once associated with science fiction. Analysts have access to a plethora of visualization and reporting tools, but considering the vast amount of data businesses collect and limitations of CPUs, end users are forced to design their structures and systems with limitations. Until now. As the cloud toolkit to analyze data has evolved, GPUs have stepped in to massively parallel SQL, visualization and machine learning.
In his general session at 21st Cloud Expo, Greg Dumas, Calligo’s Vice President and G.M. of US operations, will go over the new Global Data Protection Regulation and how Calligo can help business stay compliant in digitally globalized world. Greg Dumas is Calligo's Vice President and G.M. of US operations. Calligo is an established service provider that provides an innovative platform for trusted cloud solutions. Calligo’s customers are typically most concerned about GDPR compliance, applicatio...
Join IBM November 1 at 21st Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA, and learn how IBM Watson can bring cognitive services and AI to intelligent, unmanned systems. Cognitive analysis impacts today’s systems with unparalleled ability that were previously available only to manned, back-end operations. Thanks to cloud processing, IBM Watson can bring cognitive services and AI to intelligent, unmanned systems. Imagine a robot vacuum that becomes your personal assistant tha...
Cloud Expo, Inc. has announced today that Andi Mann and Aruna Ravichandran have been named Co-Chairs of @DevOpsSummit at Cloud Expo Silicon Valley which will take place Oct. 31-Nov. 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. "DevOps is at the intersection of technology and business-optimizing tools, organizations and processes to bring measurable improvements in productivity and profitability," said Aruna Ravichandran, vice president, DevOps product and solutions marketing...
The next XaaS is CICDaaS. Why? Because CICD saves developers a huge amount of time. CD is an especially great option for projects that require multiple and frequent contributions to be integrated. But… securing CICD best practices is an emerging, essential, yet little understood practice for DevOps teams and their Cloud Service Providers. The only way to get CICD to work in a highly secure environment takes collaboration, patience and persistence. Building CICD in the cloud requires rigorous a...
SYS-CON Events announced today that IBM has been named “Diamond Sponsor” of SYS-CON's 21st Cloud Expo, which will take place on October 31 through November 2nd 2017 at the Santa Clara Convention Center in Santa Clara, California.
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, will lead you through the exciting evolution of the cloud. He'll look at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering ...
SYS-CON Events announced today that N3N will exhibit at SYS-CON's @ThingsExpo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. N3N’s solutions increase the effectiveness of operations and control centers, increase the value of IoT investments, and facilitate real-time operational decision making. N3N enables operations teams with a four dimensional digital “big board” that consolidates real-time live video feeds alongside IoT sensor data a...
In a recent survey, Sumo Logic surveyed 1,500 customers who employ cloud services such as Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform (GCP). According to the survey, a quarter of the respondents have already deployed Docker containers and nearly as many (23 percent) are employing the AWS Lambda serverless computing framework. It’s clear: serverless is here to stay. The adoption does come with some needed changes, within both application development and operations. Tha...