East West Petroleum Provides Update on Proposed Return of Capital

Rhea-AI Summary

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)

Positive

• Proposed return of capital of up to $3,000,000 to shareholders
• Board of Directors unanimously recommends shareholders vote in favor of the distribution

Negative

• None.

Vancouver, British Columbia--(Newsfile Corp. - July 30, 2024) - East West Petroleum Corp. (TSXV: EW) ("East West" or the "Company") is pleased to provide this update in regard to the status of the proposed return of capital announced on June 19, 2024.

The Company has prepared and mailed its management information circular (the "Circular") and related proxy materials (collectively, the "Meeting Materials") to its shareholders ("Shareholders") in connection with the special meeting of Shareholders to be held at 10:00 a.m. (Vancouver time) on August 16, 2024 (the "Meeting"). The Meeting Materials have been mailed to Shareholders of record as of July 10, 2024 (the "Record Date"). At the Meeting, Shareholders will be asked to consider, and if deemed advisable, approve a special resolution authorizing and approving, among other things, the distribution to Shareholders, on a pro-rata basis, of an aggregate amount of up to $3,000,000 in cash as a return of capital (the "Distribution").

Your vote is important regardless of the number of shares you own. As a Shareholder, it is very important that you read the Meeting Materials carefully and then vote at the Meeting. You are eligible to vote if you were a Shareholder of record at the close of business on the Record Date. A copy of the Meeting Materials is available under the Company's profile on SEDAR+ at www.sedarplus.ca.

The Board of Directors of the Company UNANIMOUSLY recommends that Shareholders vote IN FAVOUR of the proposed Distribution.

Shareholders are encouraged to vote well in advance of the proxy voting deadline on August 14, 2024 at 10:00 a.m. (Vancouver time).

Subject to the required approval from Shareholders and the TSX Venture Exchange, the Company anticipates the distribution will be effective on or about August 23, 2024.

On Behalf of the Board

"Nick DeMare"

Nick DeMare,
Director & Interim CEO
604.685.9316

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/218177

FAQ

What is the proposed return of capital amount for East West Petroleum (TSXV: EW)?

East West Petroleum (TSXV: EW) has proposed a return of capital of up to $3,000,000 in cash to be distributed to shareholders on a pro-rata basis.

When is the special shareholder meeting for East West Petroleum (TSXV: EW) to vote on the return of capital?

The special shareholder meeting for East West Petroleum (TSXV: EW) is scheduled for August 16, 2024, at 10:00 a.m. Vancouver time.

What is the record date for shareholders to be eligible to vote on East West Petroleum's (TSXV: EW) return of capital?

The record date for shareholders to be eligible to vote on East West Petroleum's (TSXV: EW) return of capital is July 10, 2024.

When is the anticipated distribution date for East West Petroleum's (TSXV: EW) return of capital?

Subject to required approvals, the anticipated distribution date for East West Petroleum's (TSXV: EW) return of capital is on or about August 23, 2024.