CALGARY,
AB, Nov. 23, 2023 /CNW/ - Jesmond Capital
Ltd. (TSXV: JES.P) ("Jesmond" or the "Company")
announces that further to the Company's previously announced
"Qualifying Transaction" (the "Transaction") pursuant to the
policies of the TSX Venture Exchange (the "Exchange"), to
acquire Quattro Energy Limited ("Quattro"), the Company has
agreed with Quattro to extend the date for completion of the
Transaction to March 29, 2024.
As previously announced, Quattro has made an application as
"Operator" on a 100% basis for certain blocks that have been made
available within the United
Kingdom's 33rd Offshore Oil and Gas Licensing
Round, considered by Quattro as strategic in nature. Should any
potential block awards be made to Quattro by the UK regulatory
body, Quattro expects that they would be awarded in the next 60
days. Given this timeline, and the state of the current markets,
the Company has determined that it is prudent to pause the
Transaction pending the outcome of the awards, and agree to the
extension for completion of the Transaction because it remains
optimistic about the oil and gas sector and its future, and about
the ability of Quattro to build a portfolio of international oil
and gas producing assets, with its initial focus on the United
Kingdom North Sea.
As a result of the foregoing, the Company also announces that
the previously announced non-brokered private placements (see the
Company's February 13, 2023 press
release) that were to be completed in connection with the
Transaction will not be completed as proposed.
Jesmond will issue additional news releases related to the
Transaction, any future concurrent financings and other material
information as it becomes available. The Company gives notice that
pending the results of the 33rd Offshore Oil and Gas
Licensing Round, the terms of the Transaction may be revised.
All information in this press release relating
to Quattro has been provided by Quattro and is the sole
responsibility of Quattro.
Completion of the Transaction is subject to a number of
conditions, including but not limited to, Exchange acceptance and
if applicable pursuant to Exchange Requirements, majority of the
minority shareholder approval. Where applicable, the Transaction
cannot close until the required shareholder approval is obtained.
There can be no assurance that the Transaction will be completed as
proposed or at all.
Investors are cautioned that, except as disclosed in the
management information circular or filing statement to be prepared
in connection with the Transaction, any information released or
received with respect to the Transaction may not be accurate or
complete and should not be relied upon. Trading in the securities
of a capital pool company should be considered highly
speculative
The TSX Venture Exchange Inc. has in no way passed upon the
merits of the proposed Transaction and has neither approved nor
disapproved the contents of this news release.
Neither the TSX Venture Exchange nor its Regulation
Service Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
INFORMATION: This news release includes certain
"forward-looking statements" under applicable Canadian securities
legislation. Forward-looking statements include, but are not
limited to, statements with respect to the structure, terms,
conditions and proposed timing for completion of the Transaction;
the ability of Jesmond and Quattro to complete the Transaction; the
receipt of blocks under the United
Kingdom's 33rd Offshore Oil and Gas Licensing
Round, future business operations and results; the receipt
of all necessary shareholder, TSX Venture Exchange, securities
regulatory authority and other third party consents and approvals;
and the receipt by Jesmond of an exemption from the sponsorship
requirements of the TSX Venture Exchange in respect of the
Transaction. Forward-looking statements are necessarily based upon
a number of estimates and assumptions that, while considered
reasonable, are subject to known and unknown risks, uncertainties,
and other factors, which may cause the actual results and future
events to differ materially from those expressed or implied by such
forward-looking statements. Such factors include, but are not
limited to: general business, economic, competitive, political and
social uncertainties; delay or failure to receive shareholder or
regulatory approvals; and the results of continued development,
marketing and sales. There can be no assurance that such statements
will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on
forward-looking statements. Jesmond disclaims any intention or
obligation to update or revise any forward-looking statements,
whether because of new information, future events or otherwise,
except as required by law.
SOURCE Jesmond Capital Ltd.