Star Metro - Sintana Announces Amendments to its By-Laws

The By-law Amendments are intended to implement certain AIM-related shareholder disclosure and enforcement requirements that are not reflected in the same manner under Canadian securities rules, as well as modernize certain director residency requirements to better align with changes made to the Business Corporations Act (Alberta) since the original by-laws came into effect.

With respect to AIM compliance, the By-law Amendments require persons with direct or indirect holdings of 3% or more of any class of AIM securities of the Company (a "significant shareholder"), including through a combination of shares, depositary interests and qualifying financial instruments, to notify the Company of certain information without delay (and in any event within two business days) of becoming a significant shareholder, including, but not limited to, (i) the percentage of its holding and the date on which the relevant threshold was reached or crossed; (ii) if applicable, the chain of controlled undertakings through which the AIM security is effectively held; (iii) the identity of the significant shareholder; (iv) the price, amount and class of shares or depositary interest concerned; and (v) the nature of the transaction giving rise to the notification. The By-law Amendments also require further notification from a significant shareholder each time such holdings above 3% increase or decrease by a single percentage.

If a significant shareholder fails to comply with these disclosure requirements, the By-law Amendments provide for consequences that include restrictions on the right to attend and vote at shareholder meetings and, in the case of larger holdings, restrictions on the receipt of dividends and the ability to transfer shares, subject to limited exceptions.

Regulatory Approvals

Under the Business Corporations Act (Alberta), the Board may make, amend or repeal the Company's by-laws by resolution. Accordingly, the By-law Amendments are currently in effect. To remain effective, the By-law Amendments must also be ratified by a majority of the Company's shareholders. The full text of the By-law Amendments will be placed before the Company's shareholders at the next annual meeting, where the shareholders will be asked to consider and vote on the By‑law Amendments. If the By‑law Amendments are approved by a majority of shareholders eligible to vote at the meeting, they will continue in force without interruption. If they are not approved, the By‑law Amendments will cease to have effect following the meeting, and the Company's previous by‑laws will be reinstated automatically.

The By-law Amendments also remain subject to final acceptance by the TSX Venture Exchange

For further information, please contact:

About Sintana Energy

Sintana Energy is an Atlantic Margin-focused oil and gas company, holding interests in a diverse portfolio of high-impact assets that spans the Southern Atlantic conjugate margin. The Company's current portfolio is strategically positioned in the emerging frontier geographies of Namibia, Uruguay and Angola, with additional legacy assets in Colombia and The Bahamas. Led by an experienced team, Sintana Energy is partnered with major industry players, and benefits from significant carry support, on key licenses across multiple jurisdictions. Sintana Energy is listed on the TSX-V in Canada under the symbol "SEI", in the United Kingdom on the LSE-AIM under the symbol "SEI" and in the U.S. on the OTCQX under the symbol "SEUSF".

For further information, please visit sintanaenergy.com

Forward-Looking Statements

The information provided in this announcement contains certain forward-looking statements and information (collectively, "forward-looking statements") within the meaning of applicable securities laws. Such forward-looking statements include, without limitation, forecasts, estimates, expectations and objectives for future operations that are subject to assumptions, risks and uncertainties, many of which are beyond the control of Sintana. Forward-looking statements are predictive in nature, depend upon or refer to future events or conditions, or include words such as "expect", "plan", "anticipate", "believe", "intend", "maintain", "continue to", "pursue", "design", "result in", "sustain" "estimate", "potential", "growth", "near-term", "long-term", "forecast", "contingent" and similar expressions, or are events or conditions that "will", "would", "may", "could" or "should" occur or be achieved. The forward-looking statements contained in this announcement speak only as of the date hereof and are expressly qualified by this cautionary statement.

Forward-looking statements are based upon, among other things, factors, expectations and assumptions that Sintana has made as at the date of this announcement regarding, among other things, the receipt of all applicable regulatory approvals and the anticipated schedule for receipt of funds pursuant to the Settlement Agreement.

Undue reliance should not be placed on the forward-looking statements because no assurance can be given that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These risks include, but are not limited to, the ability of Sintana to receive all necessary regulatory approvals and third party satisfaction of all conditions of the Settlement Agreement.

Except as may be required by applicable securities laws, Sintana does not assume any obligation or intent to update publicly or revise any forward-looking statements made herein, whether as a result of new information, future events or otherwise.

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 RELEASE.

SOURCE: Sintana Energy Inc.

View the original press release on ACCESS Newswire

P.M.Martin--SMC