CALGARY, Alberta, Aug. 19, 2021 (GLOBE NEWSWIRE) -- As announced on June 28, 2021, the Boards of Directors and the largest shareholders of each of Kiwetinohk Resources Corp. ("Kiwetinohk") and Distinction Energy Corp. ("Distinction") have agreed to a combine the businesses of Kiwetinohk and Distinction under a plan of arrangement under applicable corporate law (the "Arrangement"). On July 23, 2021, the Court of Queen's Bench of Alberta issued an interim order (the "Interim Order") providing for the calling and holding of a special meeting of the holders of class A common shares in the capital of Distinction on August 30, 2021 and other procedural matters.
In accordance with the Interim Order, Distinction wishes to advise its shareholders that Distinction and Kiwetinohk have agreed to amend the plan of arrangement appended to the business combination agreement dated June 28, 2021, to provide that the entity resulting from the amalgamation of Distinction and Kiwetinohk will be called "Kiwetinohk Energy Corp.". There have been no other material changes to the Arrangement and Distinction anticipates that the combination will be completed in September 2021.
Forward Looking Information
This news release includes certain statements that may be deemed "forward-looking statements". The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "would", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. More particularly, and without limitation, this news release contains forward looking statements and information concerning the Arrangement and the name change.
Although Distinction believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Distinction can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. All forward-looking statements are made as of the date of this news release and the fact that this news release remains available does not constitute a representation by Distinction that it believes these forward-looking statements continue to be true as of any subsequent date. Distinction disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
In respect of forward-looking statements, Distinction has provided such statements and information in reliance on certain assumptions that they believe are reasonable at this time, including assumptions as to the ability of the parties to receive, in a timely manner and on satisfactory terms, the necessary court and shareholder approvals for the Arrangement, the ability of the parties to satisfy, in a timely manner, the other conditions for the completion of the Arrangement and other expectations and assumptions concerning the proposed Arrangement. The anticipated dates may change for a number of reasons, including the necessary court and shareholder approvals and the necessity to extend the time limits for satisfying the other conditions for the completion of the proposed transaction. Although Distinction believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct, that the proposed Arrangement will be completed or that it will be completed on the terms and conditions contemplated in this news release.
FOR FURTHER INFORMATION PLEASE CONTACT:
KIWETINOHK RESOURCES CORP.
Suite 1900 - 250 - 2 Street S.W.
Calgary, Alberta. T2P 0C1
Telephone: (587) 392-4424 Facsimile: (587) 392-4425
Website: www.kiwetinohk.com
DISTINCTION ENERGY CORP.
2300 - 333 – 7th Avenue S.W.
Calgary, Alberta. T2P 2Z1
Telephone: (587) 392-4424 Facsimile: (587) 392-4425
Email: info@distinctionenergy.ca
Website: www.distinctionenergy.ca
PATRICK CARLSON
President & CEO
(403) 819-5090
JAKUB BROGOWSKI
Chief Financial Officer
(587) 999-3905
