NORTH AMERICA FRAC SAND INC
Symbol U : NAFS
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North America Frac Sand, Inc. - News Update
2017-06-05 09:28 ET - News Release
North America Frac Sand, Inc. - News Update
NORTH VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 5, 2017) - North America Frac Sand Inc. ("NAFS" or the "Company") (OTCQB:NAFS), (www.NAFSINC.ca). On May 30, 2017, the Company became aware of certain third-party promotional activities touting the Company and encouraging investors to purchase its shares. Specifically, there have been promotions from Stockpromoters.com and QLR Investment Group.com. These promotions appear to have caused a significant increase in the trading volume of our common stock. Please be advised that the Company has not engaged Stockpromoters.com or QLR Investment Group.com or any third-party person or entity to conduct any promotional activity regarding our Company or its securities. The information published by Stockpromoters.com and QLR Investment Group. Com about our Company has not been authorized by our Company or its management and should not be relied upon by any investor as constituting public information published by our Company. Neither the Company's officers and directors, nor its control persons or affiliates had any involvement with the creation or distribution of the aforementioned promotional materials related to the Company and its securities. None of the management, officers, directors or control persons have sold or purchased the Company's securities within the past 90 days. The Company has not engaged any third-party person or entity to provide investor relations services, public relations services, marketing, or other related services for the Company within the last 12 months.
The content of the promotional material by QLR Investment Group.com, contains misstatements of fact as it refers to billions of barrels of oil. Our Company business relates only to frac sand. NAFS has no ownership of any oil rights, and controls only leases on sand believed to be suitable for use by oil and gas drilling activities worldwide. NAFS has not encountered any oil on its vary shallow (8 meter) testing. NAFS has drilled no core holes on the project. The content of the promotional material by Stockpromoters.com also contains misstatements of fact. In our news release dated May 30, 2017, we state that we have an inferred resource of frac sand of 8.897 million tons, not the amount indicated in the stockpromoters.com publication, which is several times that amount.
The Company has received requests to covert several shares of its Series B Preferred Shares. The holder of each Series B Preferred Share, as stated in the articles of designation, has the right to convert each Series B Preferred Share into 250,000 common shares. In the last 12 months, there has been a conversion of 63 Series B Preferred Shares to 15,750,000 shares of common stock. All Series B Preferred Shares currently issued were originally purchased in 2013 and have been converted by several non-affiliated parties.
About Frac Sand: Frac Sand is a proppant used in the oil and gas business as a part of the hydraulic fracturing process - a means of increasing flow to the wellhead. Frac sand must have particular characteristics including achieving certain levels of crush resistance, sphericity and roundness, and it is therefore a relatively rare commodity.
About North America Frac Sand, Inc.
North America Frac Sand, Inc. (OTCQB:NAFS) is headquartered in Saskatoon, Saskatchewan. With our 29,000 acres of leases and lease options 30 kilometers east of Saskatoon, it is our short term intent to prove out the balance of our resource. It is our long term intent to commence shipments if feasible, as soon as possible.
Please visit the Company's website at www.nafsinc.ca.
Should you wish to receive Company news via email, please email info@nafscinc.ca and specify "North America Frac Sand" in the subject line.
Forward-Looking Information: This news release contains certain forward-looking information. All information, other than information regarding historic fact that addresses activities, events or developments that the Company believes, expects or anticipates will or may occur in the future is forward-looking information. Forward-looking information contained in this news release includes, but is not limited to, the ability of the Company to continue selling frac sand in the future, on a spot basis or otherwise. The forward-looking information contained in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. With respect to the forward-looking information contained in this news release, the Company has made assumptions regarding, among other things, future prices for frac sand and by-products, future demand for processed frac sand and the ability of the Company to restructure its debts. The forward-looking information contained in this news release is subject to a number of risks and uncertainties that may cause actual results or events to differ materially from current expectations, including the general volatility of frac sand and by-product prices and demand, geological, technical, drilling and processing problems, future currency and interest rates, an unwillingness of the Company's lenders to refinance the Company's debts on terms favourable to the Company or at all and the ability of the Company to continue selling frac sand. Additionally, if the Company is unable to obtain additional financing, the Company may be required to curtail activities and/or liquidate its assets or the Company's creditors may seek to seize its assets. Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable law, the Company disclaims any obligation to update or modify such forward-looking information, either because of new information, future events or for any other reason. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.
North America Frac Sand, Inc.
Investor Relations:
778-772-8184
info@nafsinc.ca
www.nafsinc.ca
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