Saccharum Energy Announces Name Change and Results of Shareholder Meeting
Calgary, Alberta (FSCwire) - Saccharum Energy Corp. (“Saccharum” or the “Company”) (TSXV:SHM) is pleased to announce a name change (the “Name Change”) from “Saccharum Energy Corp.” to “SynStream Energy Corp.” The Name Change was approved by the shareholders of the Company (the “Shareholders”) at the annual general and special meeting held on June 14, 2016 (the “Shareholder Meeting”). The Corporation expects that the common shares of the Company will commence trading on the TSX Venture Exchange (the “TSXV”) under the new name at the opening of trading on Thursday, June 30, 2016 under the same symbol - “SHM”.
“I wish to thank the shareholders for approving the company’s name change to SynStream Energy Corp., which suitably reflects the new direction for our company. SynStream intends to build and operate Enhanced GTL® SynDiesel® plants under license from Expander Energy Inc., as previously announced. SynStream SynDiesel® plants are capable converting Natural Gas, Natural Gas Liquids, and Liquid Petroleum Gas into Zero Sulfur, High Cetane synthetic diesel and jet fuel. SynStream intends to work collaboratively with oil and natural gas producers to monetize low value NG/NGL/LPG, thereby eliminating the need to dispose of these resources by costly re-injection or flaring. SynStream, Expander Energy Inc., and their partners are currently evaluating a suitable location to site Canada’s first Enhanced GTL® SynDiesel® plant.”, stated Shane Ferster, CEO.
The Company also announces that all general matters raised at the Shareholder Meeting were approved by the Shareholders. In addition, at the Shareholder Meeting, the Shareholders approved a special resolution to amend the articles of the Company to consolidate the Company’s common shares on the basis of one post-consolidation common share for up to every ten pre-consolidation common shares (the “Consolidation”), with the exact Consolidation ratio to be determined by the Board of Directors (the “Board”). The Board has determined that the Consolidation would be in the best interests of the Company as it could lead to increased interest by a wider audience of potential investors and could better position the Company to obtain financing and pursue other corporate opportunities. Notwithstanding the foregoing, the Board may determine not to implement the Consolidation at any time hereafter without further action on the part of the Shareholders. The Board shall have until the next annual meeting of Shareholders to implement the Consolidation at its sole discretion. The Consolidation is subject to all requisite regulatory approvals, including the approval of the TSXV.
For further information, contact:
Chief Executive Officer
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Source: Saccharum Energy Corp. (TSX Venture:SHM)
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