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| Home : Kallisto Energy Corp. Announces Recapitalization Financing and New Management Team |
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Sep 15
2014 |
Kallisto Energy Corp. Announces Recapitalization Financing and New Management Team |
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CALGARY, ALBERTA--(Marketwired - Sept. 15, 2014) - Kallisto Energy Corp. ("Kallisto" or the "Company") (TSX VENTURE:KEC) is pleased to announce that it has entered into a definitive reorganization and investment agreement (the "Agreement") with Barry Olson, Donald Sabo, Greg Phaneuf, Elizabeth More, Neil Wilson, Kellie D'Hondt and Paul Storey (the "Initial Investor Group"), which provides for: (i) a non-brokered private placement of approximately $25 million in aggregate (the "Private Placement"); (ii) the appointment of a new management team and board of directors (collectively, the "New Management Team"); and (iii) a rights offering (the "Rights Offering") to current holders of Common Shares of Kallisto (collectively, the "Transaction"). Kallisto will be seeking a discretionary waiver from the TSX Venture Exchange (the "TSXV") in respect of the minimum pricing requirements for the Private Placement on the basis of a future consolidation to be completed by Kallisto within six months of the date of completion of the Private Placement. Completion of the Private Placement is subject to customary closing conditions, including approval of the TSXV. Upon completion of the Transaction, it is anticipated that the shareholders of Kallisto will be asked to approve, at a special meeting called for such purpose, a change of the Company's name to "Toro Oil & Gas Ltd." |
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| Source:http://www.marketwired.com/mw/release.do?id=1947257&sourceType=3 |
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