A total of 93,433,681 common shares of Caspian (the "Common Shares") of the 229,767,771 Common Shares outstanding were voted in favour of the special resolution (the "Consolidation Resolution") to consolidate the issued and outstanding Common Shares on the basis of one new common share of Caspian (a "Post-Consolidation Share") for every ten pre-Consolidation Common Shares (the "Consolidation") and a total of 780,036 Common Shares were voted against the Consolidation Resolution. Approximately 99.2% of the votes were cast in favour of the Consolidation Resolution.
Shareholders also voted approximately 99.4% in favour of the resolution (the "Conversion Resolution") to amend its amended and restated secured convertible debentures each dated
The Conversion Resolution approves a debenture amending agreement dated
Caspian plans to proceed with the Consolidation and the Conversion subject to and following approval thereof by the NEX board of the
On the date of the Conversion,
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation which we refer to herein, collectively, as "forward-looking information". Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Caspian's actual performance, developments and/or results may differ materially from any or all of the forward-looking statements. Further information which may cause results to differ materially from those projected in the forward-looking statements is contained in Caspian's filings with Canadian securities regulatory authorities. All material assumptions used in making forward-looking information are based on management's knowledge of current business conditions and expectations of future business conditions and trends Although Caspian believes the assumptions used to make such statements are reasonable at this time and has attempted to identify in its continuous disclosure documents important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended, including the failure of the Corporation to obtain NEX approval for the Consolidation or Conversion. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The Corporation does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
FOR FURTHER INFORMATION PLEASE CONTACT:
Caspian Energy Inc. William RamsayPresident and Chief Executive Officer 44 (0)773663 1378 Caspian Energy Inc. Brian KorneyChief Financial Officer (403) 513-3375 Source: Caspian Energy Inc.