Turner Venture Group Announces the Completion of the Cancellation of ~21M Common Shares

Rhea-AI Summary

Turner Valley Oil and Gas (OTC PINK:TVOG), now operating as Turner Venture Group, announced the cancellation of 21,007,275 common shares, representing 9.2% of previously issued shares. This strategic move aims to limit shareholder dilution as the company prepares for acquisitions and capital funding. Following this cancellation, the total common shares outstanding will be 205,419,533. The company is also pursuing private placements to raise $250,000 for growth initiatives.

Positive

• Cancellation of 21,007,275 common shares reduces dilution risk for shareholders.
• Represents 9.2% reduction in previously issued shares, enhancing shareholder value.
• Plans to raise $250,000 in private placements to support growth strategies.

Negative

• None.

HOUSTON, TX / ACCESSWIRE / January 25, 2022 / Turner Valley Oil and Gas, Inc. (the "Company") ("Turner") (OTC PINK:TVOG), now doing business as Turner Venture Group, Inc., is pleased to announce the completion of the cancellation of 21,007,275 common shares.

The canceled shares include restricted common shares held by former management as previously announced in the Phase 1 plan, which have been settled in exchange for Preferred B shares. "The purpose of this share cancellation is to reduce the overall TVOG share count and protect Turner investors in order to limit dilution as the Company prepares for acquisitions and future capitalization plans," said Chairman and CEO, Dr. Jordan Balencic. "Our goal is to retire (or convert to preferred stock) as much common stock as possible to enhance and strengthen our balance sheet in anticipation of additional capital funding to fund the growth of our subsidiaries and new acquisitions."

New management has begun working on additional share retirements and convertible debt settlements. Should these be completed, then details will soon be announced, in addition to closing items for the Hemp Operator acquisition previously announced.

The Company's capitalization structure following the completion of the aforementioned share cancellation is displayed below:

Authorized Common Shares:	500,000,000
Common Shares (Prior to Cancellation)	226,426,808
Common Shares Canceled (Completed):	-21,007,275
Common Shares (As of 09-30-21):	205,419,533
Authorized Preferred Stock:	4,000,000
Preferred Shares A (Issued):	1,827,000
Preferred Shares B (Issued):	1,450,000
Preferred Shares (As of 09-30-21):	3,277,000

Dr. Jordan Balencic, Chairman and CEO, also stated "This share cancellation was important to both the Company and its investors. This is a significant cancellation in the amount of 9.2% of the previously issued and outstanding Common Stock of the Company." He added; "Every move we will be making now and, in the future, will contribute to the larger plan to create new and exponential value for our shareholders. Cancellation of outstanding shares is only a small part of the bigger picture."

After successfully raising $125,000.00 in seed funding over the past 18 months, the Company has advanced its next round of private placements to raise $250,000.00 to support its growth strategy. This has been filed as part of a Reg D filing submitted to the SEC. A copy of this filing and any other disclosures are available upon request. Please refer to most recent website announcements for more information: https://tvoginc.com/industry-news/turner-news/

About Turner Valley Oil and Gas, Inc.

Turner Venture Group (OTC:TVOG) is a public Venture Holding Company that acquires equity interests in innovative brands and companies focused on healthier living and sustainability. The Company is focused on building shareholder value through pursuing opportunities in food & beverage, hemp & CBD, household products, personal care, and consumer health technology with potential applications of blockchain and NFTs (non-fungible tokens). Turner's cornerstone acquisition of Bloomi Labs, LLC includes unique CBD Hand Sanitizer products manufactured domestically. The Company's second acquisition (currently undergoing closing steps) includes an established CBD / Hemp operator with 3 existing retail stores and a national e-commerce sales presence.

Disclosures

Certain statements in this press release are forward-looking and involve a number of risks and uncertainties. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended.

Key Links:

OTCMarkets Profile: http://www.otcmarkets.com/stock/TVOG/profile
Disclaimer: https://TVOGinc.com/contactus/disclaimer/
Corporate Website: http://TVOGInc.com | http://BloomiClean.com
Twitter: http://twitter.com/tvoginc | http://twitter.com/BloomiClean
Facebook: https://www.facebook.com/TVOGinc/
LinkedIn: https://www.linkedin.com/company/TVOGinc/

Contacts:

Dr. Jordan Balencic, Chairman and CEO
Turner Valley Oil And Gas, Inc.
Address: 5900 Balcones Drive, Suite 4503, Austin, TX 78731
Phone: 1-830-291-8189
Email: TurnerVentureGroupInc@gmail.com or info@TVOGinc.com

SOURCE: Turner Valley Oil and Gas, Inc.

View source version on accesswire.com:
https://www.accesswire.com/685332/Turner-Venture-Group-Announces-the-Completion-of-the-Cancellation-of-21M-Common-Shares

FAQ

What recent action did Turner Valley Oil and Gas (TVOG) take regarding its shares?

Turner Valley Oil and Gas announced the cancellation of 21,007,275 common shares, reducing its outstanding share count.

How much of the outstanding common stock was canceled by TVOG?

The cancellation represented 9.2% of the previously issued common stock.

What is the purpose of the share cancellation by TVOG?

The cancellation aims to limit shareholder dilution and strengthen the company's balance sheet in preparation for acquisitions.

How much funding does Turner Valley Oil and Gas aim to raise through private placements?

The company aims to raise $250,000 through private placements to support its growth strategy.