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PETROMIN RESPONDS TO VEXATIOUS LITIGATION BY DISSIDENT
 
PETROMIN RESPONDS TO VEXATIOUS LITIGATION BY DISSIDENT

Wednesday, 23 December 2015

Petromin Resources Ltd. advises that Ivano DeCotiis, a dissident shareholder who has nominated a slate for election as directors at the Company’s AGM scheduled for December 29, 2015, has initiated a petition (the “Petition”) seeking leave to commence a derivative action in the Supreme Court of British Columbia on behalf of the Company against the Company’s current and former directors and certain companies, based on unfounded allegations that the current and former directors of the Company have transferred the Company’s interest in TerraWest Energy Corp. (“TWE”), a private British Columbia company, to shell corporations controlled by such directors. Mr. DeCotiis also included similar allegations in his dissident proxy circular.   

 

Petromin and its directors state categorically that the claims of wrongdoing made by Mr. DeCotiis in the Petition and his dissident proxy circular are completely false and have no basis in fact.  Petromin and its directors will vigorously defend the court action commenced by Mr. DeCotiis, and look forward to addressing these allegations in court.

 

Petromin has always fully disclosed its interest in TWE in its financial statements and other continuous disclosure documents.  As stated in Petromin’s December 17, 2015 news release in response to the misrepresentations contained in the dissident circular, Petromin still holds an aggregate of 73,333,334 common shares and 700,000 preferred shares of TWE.  Petromin has never sold or otherwise transferred any of its shares of TWE, but its percentage ownership position has been diluted as TWE has conducted further private placement financings which Petromin chose not to participate in, resulting in Petromin’s current 17.29% interest in TWE.

 

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