East West Petro Stock Price, News & Analysis

East West Petroleum (TSXV: EW) has announced two significant corporate changes: a name change to East West Minerals Ltd. and a 10-for-1 share consolidation. The company, which currently has 90,485,665 outstanding common shares, will see this number reduced to approximately 9,048,566 shares post-consolidation.

Both changes are expected to be implemented shortly after September 22, 2025, following the ex-distribution date of a previously announced capital reduction and special distribution. The company's stock symbol will remain unchanged, and these corporate actions are pending TSX Venture Exchange approval.

East West Petroleum (TSXV: EW) has announced details regarding its previously disclosed special distribution and capital reduction plan. The company will distribute $2,714,570 to shareholders, amounting to $0.03 per common share.

The distribution process includes re-designating current shares as Class A Common Shares, exchanging them for New Common Shares plus cash, and reducing the stated capital. The record date is set for September 15, 2025, with payment expected around September 19, 2025. Due to the distribution's size (over 25% of market value), TSX Venture Exchange will implement "Due Bill" trading procedures until September 22, 2025.

East West Petroleum (TSXV: EW) announced the results of its Annual and Special Meeting, where shareholders approved a significant capital reduction initiative. The company's stated capital will be reduced by up to $3 million from the current $37,224,841, enabling a distribution of $0.03 per common share to shareholders.

Shareholders re-elected Nick DeMare, Mark T. Brown, and Kevin William Haney to the board, while also approving the company's stock option plan allowing grants up to 10% of outstanding shares. Following the meeting, Nick DeMare was appointed as Interim CEO and Corporate Secretary, with Harvey Lim becoming Interim CFO.

East West Petroleum (TSXV: EW) has announced key corporate updates regarding its restructuring plans and Romanian assets. The company plans to execute a return of capital of approximately C$3 million to shareholders, subject to shareholder approval at the upcoming annual and special shareholders meeting scheduled for September 5th, 2025.

The company also reported challenges with its Romanian project, stating that due to sanctions on the operator, they do not expect any monetization from this asset in the near term or at all. The Romanian project currently has a nil carrying value on the company's balance sheet.

East West Petroleum (TSXV: EW) has announced significant corporate restructuring plans including a $3 million capital return to shareholders and a 10:1 share consolidation. The company currently has 90,485,665 shares outstanding, which will be reduced to 9,048,566 shares post-consolidation.

The proposed capital distribution and consolidation require both shareholder and regulatory approvals. Following these corporate actions, the company plans to maintain sufficient working capital while pursuing opportunities in natural resource exploration and development, with expectations to complete a transaction within six months to avoid Tier movement.

East West Petroleum Corp. (TSXV: EW) has announced the payment date for its previously declared special distribution to shareholders. The distribution, amounting to $0.03 per common share for a total of $2,714,569.95, will be paid on September 12, 2024. Registered shareholders of record on September 5, 2024 will receive cheques from the paying agent, Computershare Investor Services Inc.

Due to the significant size of the distribution, the TSX Venture Exchange has implemented 'Due Bill' trading procedures. Trades between September 5 and September 12, 2024, will have a Due Bill attached, ensuring the purchaser receives the distribution. Due Bills will be redeemed on September 13, 2024.

East West Petroleum Corp. (TSXV: EW) has announced a cash distribution to shareholders through a return of capital. The company will distribute $0.03 per common share, totaling $2,714,569.95 based on current outstanding shares. This decision follows shareholder approval at a special meeting on August 16, 2024. The distribution will be effective for registered shareholders as of September 5, 2024.

The process involves reducing the company's stated capital by $2,714,569.95 and includes a series of deemed sequential steps, such as reclassifying existing common shares into Class A common shares and creating a new class of common shares. Registered shareholders will receive cheques from Computershare Investor Services Inc., while beneficial shareholders will receive payment through their intermediaries.

East West Petroleum Corp. (TSXV: EW) has announced that its shareholders have approved a return of capital through a reduction in the company's stated capital. The board of directors has determined that the stated capital, currently at $39,868,761, will be reduced by up to $3 million. This reduction will allow for a distribution of $0.03 per common share to shareholders.

The company will issue another news release to confirm the effective date for the capital reduction and distribution. Detailed information about this process is available in the management information circular, which can be accessed on the Canadian Securities Administrators' website at www.sedarplus.ca.

East West Petroleum Corp. (TSXV: EW) has announced an update on its proposed return of capital to shareholders. The company has mailed out management information circulars and proxy materials for a special meeting to be held on August 16, 2024. Shareholders will vote on a special resolution to approve the distribution of up to $3,000,000 in cash as a return of capital. The Board of Directors unanimously recommends shareholders vote in favor of the proposed distribution.

Key points:

• Special meeting scheduled for August 16, 2024, at 10:00 a.m. Vancouver time
• Proxy voting deadline: August 14, 2024, at 10:00 a.m. Vancouver time
• Record date for eligible voters: July 10, 2024
• Anticipated distribution date: August 23, 2024 (subject to approvals)