The Rights Offering will be conducted in Canada only. However, certain approved eligible holders of common shares in jurisdictions outside of Canada may be able to participate in the Rights Offering. If you are a holder of common shares and reside outside of Canada please see the rights offering notice and rights offering circular to determine your eligibility and the process and timing requirements to receive and, or, exercise your rights. The Company requests any U.S. shareholder or other ineligible holder interested in exercising their rights to contact the Company at their earliest convenience but before May 17, 2016, after which Computershare will, prior to the Expiry Time, attempt to sell unexercised rights for the benefit of ineligible holders.
Funds raised through the Rights Offering will be used to complete Phase 1 of the PR Spring Project (the "Project") and are targeted to demonstrate the commercial effectiveness of the Company’s patented bitumen extraction technology. With a successful financing, the Company expects completion of construction and start-up of operations in Q4 2016. The Company continues to extensively test and optimize its patented technology at its Grande Prairie, Alberta research and development facility. This facility is now undertaking additional testing to validate the use of the Company’s technology for potential development of oil sands in the Athabasca region of Alberta and in other parts of the world.
My posts are not meant as investment advice. Always check company filings and do you own Due Diligence
