CALGARY, Alberta, Oct. 03, 2018 (GLOBE NEWSWIRE) — Toscana Energy Income Corporation (“Toscana Energy” or the “Company”) (TSX: TEI) announces that the Toronto Stock Exchange (the “TSX“) has informed the Company that its common shares listing is under review with respect to Toscana Energy’s ability to meet market capitalization requirements of the TSX. Specifically, the TSX has notified the Company that it is reviewing the Company’s eligibility on the basis that the Company does not meet the $3.0 million minimum market capitalization requirement. The Company believes that its inability to meet the minimum market capitalization requirement of the TSX is a result of continued market-related difficulties associated with the Canadian energy business.
The Company has been granted 120 days in which to regain compliance with the minimum listing requirements, pursuant to the TSX’s Remedial Review Process. Should the Company not meet the minimum market capitalization required pursuant to the TSX listing requirements within the permitted time frame, the Company will have the option to apply for listing on the TSX Venture Exchange.
About Toscana Energy Income Corporation
Toscana Energy Income Corporation is a conventional oil and gas producer with the mandate to acquire high quality, long life oil and gas assets including royalties, non-operated working interests and unitized production for yield and capital appreciation.
For further information, please contact:
Joseph S. Durante, Chief Executive Officer
Tel: (403) 410-6793
Fax: (403) 444-0090
This news release contains forward‐looking statements and forward‐looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward‐looking statements or information. Forward‐looking statements and information are often, but not always, identified by the use of words such as “appear”, “seek”, “anticipate”, “plan”, “continue”, “estimate”, “approximate”, “expect”, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe”, “would” and similar expressions.
More particularly and without limitation, this news release contains forward‐looking statements and information concerning the continued listing of the Company’s securities on the TSX and the Company’s plan to list its securities on the TSX Venture Exchange. The forward‐looking statements and information are based on certain key expectations and assumptions made by management of the Company. Although management of the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward‐looking statements and information since no assurance can be given that they will prove to be correct.
Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward‐looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, Toscana Energy’s ability to successfully maintain its listing; the impact of general economic and credit conditions; the impact of continued low and/or declining natural gas prices on Toscana Energy’s cash flow and financial position; and general economic, market and business conditions. Accordingly, readers should not place undue reliance on the forward‐looking statements, timelines and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive.
The forward‐looking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forward‐looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws or the Toronto Stock Exchange. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.
Source: Toscana Energy Income Corporation