|By Marketwired .||
|May 2, 2014 12:06 PM EDT||
CALGARY, ALBERTA -- (Marketwired) -- 05/02/14 -- Tuscany Energy Ltd. ("Tuscany") (TSX VENTURE:TUS) is pleased to announce that its proposed two (2) for one (1) stock split (the "Stock Split") of its outstanding common shares was approved by shareholders at the annual and special meeting of shareholders of Tuscany held on April 30, 2014.
The Stock Split will be implemented by way of a stock dividend whereby Tuscany shareholders will receive one common share for each common share held. There are currently 19,331,495 common shares outstanding. Accordingly, adjusting for the Stock Split, there will be 38,662,990 Tuscany common shares outstanding.
The record date for the stock dividend is May 2, 2014 and the payment date will be May 7, 2014. Tuscany's common shares will be traded in accordance with the "due bill" procedures of the TSX Venture Exchange from May 2 through May 6, 2014. This means any trades of Tuscany common shares that are executed on the TSX Venture Exchange during this period will be identified to ensure purchasers of Tuscany's common shares receive the entitlement to the stock dividend. Tuscany's common shares are expected to begin trading on the TSX Venture Exchange on a post-Stock Split or stock dividend basis on May 7, 2014.
Tuscany is undertaking the Stock Split to enhance the liquidity of the common shares and more closely align its capital structure with that of its peers.
Tuscany shareholders, with or without a physical share certificate, do not need to take any action with respect to the Stock Split. Tuscany's transfer agent will send registered owners of Tuscany common shares a DRS advice form or share certificate, which will represent the additional number of common shares that they are receiving as a result of the Stock Split.
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.
Tuscany Energy Ltd.
Robert W. Lamond
President & CEO
Tuscany Energy Ltd.
Charles (Tony) A. Teare
Vice President Finance & CFO