189 0 Kommentare Prairie Provident Resources Announces Appointment of Dale Miller as Additional Director, AGM Voting Results and Interim Filings Update - Seite 2

Mr. Miller, Mr. Hamilton and Ms. Turgeon were nominated by PCEP Canadian Holdco LLC (“PCEP”), which currently holds approximately 75.6% of the Company's outstanding common shares following completion in May 2023 of previously-announced recapitalization transactions that included the issue of common shares in settlement of US$53.4 million of subordinated note indebtedness and concurrent exercise of warrants previously held by PCEP. PCEP has the right to nominate three directors pursuant to an Investor Rights Agreement entered into with Prairie Provident in connection with the closing of those transactions.

Shareholders also passed an ordinary resolution at the meeting appointing Ernst & Young LLP as the auditor of the Company for the ensuing year, to hold office until the close of the next annual meeting of shareholders.

Interim Filings for period ended June 30, 2023

Further to its announcement on August 14, 2023 of a delay in the filing of its interim financial report and related management's discussion and analysis and certifications for the period ended June 30, 2023 past the prescribed deadline, the Company continues to work diligently to complete the filings and related interim review by its auditor. The Company had previously anticipated completion by not later than August 22, 2023, and now anticipates that outside date to be August 28, 2023.

Also further to the prior announcement, the Executive Director of the Alberta Securities Commission did accept Prairie Provident's request that a 'management cease trade order' (“MCTO”) be issued in respect of the filing default pursuant to National Policy 12-203 of the Canadian Securities Administrators. The MCTO bars any trading in the securities of the Company by its interim chief executive officer and senior financial officer until two full business days after the outstanding filings are completed, but does not affect trading by other holders. All directors, officers and insiders of Prairie Provident continue to be subject to the quarterly 'blackout' on trading under the Company's corporate disclosure and trading policy, which will also remain in effect until after the outstanding filings are completed.

ABOUT PRAIRIE PROVIDENT:

Prairie Provident is a Calgary-based company engaged in the exploration, development and production of its low decline, long life oil reserves in Alberta. The Company is currently producing oil and gas in western Canada with significant growth opportunities from a deep inventory of low-risk horizontal drilling locations and waterflood potential.

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