CALGARY, Sep. 5, 2014 (Canada NewsWire via COMTEX) -- Oando Energy Resources Inc. ("OER" or the "Company") (OER), a company focused on oil and gas exploration and production in Nigeria, today announced that a wholly-owned subsidiary of Oando PLC, has filed a Form 45-102F1 on SEDAR as Project No. 2257775 to provide the required notice of its intention to sell up to 60,000,000 common shares of OER ("OER Shares") through the facilities of the Toronto Stock Exchange. The Company has been informed by Oando PLC that the proposed sales are intended to encourage market liquidity.
OER has been informed by Oando PLC that, including the securities held by the above-mentioned subsidiary, it currently has direct and indirect ownership of 746,107,838 OER Shares, representing approximately 93.8% of the currently outstanding OER Shares. Assuming exercise of the 216,282,884 common share purchase warrants issued to Oando PLC on February 26, 2014 (the "February Warrants"), the 75,037,928 common share purchase warrants issued to Oando PLC's subsidiary on July 9, 2014 (the "July Warrants") and the 34,072,057 common share purchase warrants issued to Oando PLC on August 20, 2014 (the "August Warrants"), Oando PLC would beneficially own and exercise control over 1,071,500,707 OER Shares, representing approximately 95.6% of the issued and outstanding OER Shares following such exercise; however, under the terms of the February Warrants, July Warrants and August Warrants, Oando PLC is restricted from exercising any February Warrants, July Warrants and August Warrants to the extent that such conversion would result in its direct and indirect ownership of OER exceeding 94.6%.
