|By Marketwired .||
|December 31, 2013 12:18 PM EST||
MONTREAL, QUEBEC -- (Marketwired) -- 12/31/13 -- In order to proceed with a proposed restructuring, Gastem (TSX VENTURE: GMR) intends to hold a meeting of shareholders as soon as possible to discuss and if so decided, to approve a share consolidation. If approved, the share consolidation will be followed by an important financing and an announcement concerning new exploration and development projects and properties for natural gas. Marquest has been retained, at no up-front cost, to head the financing and to advise and assist with the restructuring, the financings and the share consolidation. A small bridge financing by Marquest is to be closed in early January for on-going expenses.
"In order for Gastem to explore and develop, it is essential that we obtain high impact projects in new and favourable areas, outside of Quebec. Combined with a major financing and the recent association with Marquest, the restructuring will allow the company to move towards the market value shareholders expect," stated Raymond Savoie, president and CEO.
Gastem is an independent oil and gas exploration and development company based in Montreal. At present, the company holds exploration and storage permits and rights in the St. Lawrence Lowlands, the Gaspe Peninsula and the Magdalen Islands in Quebec as well as rights and interests in New York State and Virginia. Other projects are also being developed. Properties and general information may be viewed on Gastem's website at www.gastem.ca.
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.