EMERALD BAY TO HOLD SPECIAL MEETING OF SHAREHOLDERS
Emerald Bay Energy Inc. (TSX Venture: EBY OTC: EMBYF) (the “Company” or “Emerald Bay”) today announced that its Board of Directors has called for a special meeting of the Company’s shareholders proposed to be held on February 28, 2020 (the “Special Meeting”), to consider: (i) a special resolution to approve the consolidation of the issued and outstanding Common Shares of the Corporation on a “1 new for 15 old” basis (the “Consolidation”); and (ii) a special resolution to approve changing the Corporation’s name to “Nexera Energy Inc.” (the “Name Change”).
The record date for the determination of shareholders entitled to receive notice of and to vote at the Special Meeting is January 24, 2020 (the “Record Date”). As of the Record Date, there were 354,103,367 Common Shares issued and outstanding. If the proposed Consolidation is approved by the shareholders, there would be, post-Consolidation, approximately 23,606,891 Common Shares issued and outstanding.
The Board of Directors believes that the Consolidation could lead to increased interest by a wider audience of potential investors resulting in a more efficient market for the Common Shares. Subject to the acceptance by the TSX Venture Exchange, the Consolidation requires approval by special resolution, being a majority of not less than 66 2/3% of the votes cast by the shareholders present in person or represented by proxy at the Special Meeting.
The Name Change is being proposed in order to better reflect the future business and operations of the Corporation. Subject to the acceptance by the TSX Venture Exchange, the Name Change requires approval by special resolution, being a majority of not less than 66 2/3% of the votes cast by the shareholders present in person or represented by proxy at the Special Meeting.
The information circular containing the details of the matters to be acted upon at the Special Meeting is expected to be mailed to shareholders on or about February 3, 2020.
The meeting will be held at #3, 4015 – 1 Street SE, Calgary, Alberta, at 1:00 p.m., on Friday, February 28, 2020.
ABOUT EMERALD BAY
Emerald Bay Energy Inc. (TSX Venture: EBY, OTC: EMBYF) is an energy company with oil producing properties in Southwest Texas as well as non-operated oil and natural gas interests in Central Alberta, Canada. EBY is the operator of the Wooden Horse and Nash Creek Projects in Guadalupe, Texas, where the Company currently now owns a 50.00% working interest those projects. Additionally, the Company owns and operates various working interests in the HugoCellR, Cotulla, and MarPat partnerships. The Company also owns 75% of Production Resources Inc., a South Texas oil company.
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For further information, please contact: Emerald Bay President and CEO, Shelby D. Beattie, or CFO, Mike Rice, (403) 262-6000, firstname.lastname@example.org, www.ebyinc.com
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