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.