|By Marketwired .||
|July 23, 2014 08:04 PM EDT||
CALGARY, ALBERTA -- (Marketwired) -- 07/24/14 -- Tuscany International Drilling Inc. ("Tuscany" or the "Company") announces its intention to redeem all of the issued and outstanding redeemable shares (the "Redeemable Shares") of the Corporation on July 25, 2014 (the "Redemption Date"). The redemption price for the Redeemable Shares is $0.00001 per Redeemable Share (the "Redemption Price"), in accordance with the terms attaching to the Redeemable Shares.
From and after the Redemption Date, the Holders will cease to be holders of Redeemable Shares and will not be entitled to exercise any of the rights of holders of Redeemable Shares, other than the right to receive the Redemption Price in respect of the Redeemable Shares held by each Holder.
A notice of redemption (the "Notice") has been sent to registered holders of Redeemable Shares. Payment of the Redemption Price will be made as soon as possible following the Redemption Date, but in any event within 5 business days of the Redemption Date. As of the Redemption Date certificates representing Redeemable Shares will be cancelled and cease to represent any rights of the holder thereof, other than the right to receive the Redemption Price.
Statements in this news release contain forward-looking information including, without limitation, statements with respect to the redemption of the Redeemable Shares. Readers are cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Tuscany. Any of such factors could cause actual results and plans to differ materially from those in the forward-looking statements. The reader is cautioned not to place undue reliance on this forward-looking information. Tuscany does not undertake any obligation to update or revise any forward-looking statements except as expressly required by applicable securities laws.
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