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CALGARY, Alberta, July 17, 2019 (GLOBE NEWSWIRE) -- Bayshore, the TSX Venture Exchange (TSX: BHS) listed technology focused oil and gas company, is pleased to announce an update on financing of the Company's operations.
The controlling shareholder and chairman of Bayshore Petroleum Corp., Mr. Chan Po Kwong (Ivan), continues to be fully supportive of the Company's strategic initiatives and has recently provided to the Company an unsecured loan of $450,000 with an annual coupon rate of ten (10) percent and no principal or interest payments prior to maturity on December 31, 2021. The Company has received the loan proceeds which will be used for corporate and administrative purposes. The Company continues its collaboration efforts with various industry partners to ultimately test a heavy oil upgrade pilot project.
The Company also announces that it will hold its annual general meeting (AGM) on Monday, September 30, 2019 at 10:00 am MST at Bayshore's operating office located at Bay 127, 5655 10th Street NE, Calgary, Alberta, Canada T2E 8W7. A management information circular related to the AGM will be distributed to registered shareholders prior to the AGM.
For further information, please contact:
Peter Ho, Chief Executive Officer and Director
+1 (403) 630 4355
Lance Mierendorf, Chief Financial Officer
+1 (403) 680 8773
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities of the Company in the United States. The Company's securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Statements in this press release may contain forward-looking information including expectations of future production, operating costs, commodity prices, administrative costs, commodity price risk management activity, acquisitions and dispositions, capital spending, access to credit facilities, income taxes, regulatory changes, and other components of cash flow and earnings. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. These risks include, but are not limited to, the risks associated with the mining industry, commodity prices and exchange rate changes. Industry related risks could include, but are not limited to, operational risks in exploration, development and production, delays or changes in plans, risks associated to the uncertainty of reserve estimates, health and safety risks and the uncertainty of estimates and projections of production, costs and expenses. The reader is cautioned not to place undue reliance on this forward-looking information.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
Bayshore Corporate Office:
PHONE +1 403 265 8820
FAX +1 403 290 6565
Suite 340, 600 Crowfoot Crescent NW
Calgary, Alberta, Canada T3G 0B4