EastSiberian Plc Announces Closing of Shares for Debt Transactions, Resignation of CEO and Appointment of Interim CFO
ST. HELIER, JERSEY, October 14, 2014 – EastSiberian Plc (TSX NEX: ESB.H) (“EastSiberian” or the “Corporation”), a Jersey company, today announces that it has issued an aggregate 8,914,320 common shares to current and former directors and officers of the Corporation and consultants to the Corporation, to settle an aggregate $445,716 indebtedness, which represents a portion of outstanding amounts owing by the Corporation to such directors, officers and consultants. This share issuance was made further to the previously announced shares for debt settlement agreements with such current and former directors, officers and consultants.
Further settlement by the Corporation of outstanding debt obligations through the issuance of common shares requires the approval of the shareholders of the Corporation. The Corporation intends to seek such approval at the next annual meeting of shareholders. The Corporation has determined to settle its obligations with directors, officers and consultants and to issue common shares to help improve the financial position of the Corporation.
The common shares were issued on a private placement basis pursuant to exemptions from applicable Canadian securities laws and are subject to a four-month and one day hold period from the date of issuance of the Debt Shares.
The Corporation also announces that in preparation for its proposed reorganization, Mr. Maxim Sidorin has resigned as Chief Executive Officer effective October 10, 2014 and Mr. Richard Norris has been appointed as Interim Chief Financial Officer effective October 10, 2014 Mr. Sidorin will continue as a director of the Corporation. Mr. Phipps, the President of the Corporation, will act as interim Chief Executive Officer.
EastSiberian is an international junior oil exploration company incorporated in the Bailiwick of Jersey. For further information, please visit the EastSiberian Plc website at www.eastsiberianplc.com. The common shares of the Corporation are currently listed on the NEX.
As previously announced, the common shares of EastSiberian are currently halted from trading on the NEX at the request of the Corporation. The common shares will remain halted until the Corporation completes a third-party engineering review of the Nicaraguan oil and gas concessions and releases this to shareholders.
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.
For further information, please contact:
St. Helier, Jersey,
Tel: +44 7733 363 016 or +1 403 630 2367