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BRIEF-East West Petroleum Announces Corporate Restructuring And LOI To Acquire Juva Life

Published 2018-07-17, 04:56 p/m
© Reuters.  BRIEF-East West Petroleum Announces Corporate Restructuring And LOI To Acquire Juva Life
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July 17 (Reuters) - East West Petroleum Corp EW.V :

* EAST WEST PETROLEUM ANNOUNCES CORPORATE RESTRUCTURING AND LOI TO ACQUIRE JUVA LIFE INC.

* EAST WEST PETROLEUM CORP - FIRST STEP IN RESTRUCTURING IS SPIN-OUT OF OIL & GAS ASSETS, WITH CORRESPONDING CASH FLOW AND ALL OTHER ASSETS TO CO'S UNIT

* EAST WEST PETROLEUM - CO WILL THEN SPIN OUT SHARES OF NEW SUBSIDIARY NEWCO TO ITS SHAREHOLDERS PURSUANT TO PLAN OF ARRANGEMENT

* EAST WEST PETROLEUM CORP - AS PART OF PLAN OF ARRANGEMENT COMPANY WILL MOVE FORWARD TO COMPLETE ACQUISITION OF JUVA

* EAST WEST PETROLEUM CORP - CO WILL HAVE NOT LESS THAN $4 MILLION CAD CASH ON HAND TO PROVIDE INITIAL FINANCING TO JUVA

* EAST WEST PETROLEUM - EAST WEST WILL APPLY TO VOLUNTARILY DELIST FROM TSXV AND APPLY FOR A LISTING ON CANADIAN SECURITIES EXCHANGE (CSE)

* EAST WEST PETROLEUM CORP - EAST WEST TO ACQUIRE FROM SHAREHOLDERS OF JUVA ALL OF SHARES OF JUVA WHICH ARE ISSUED & OUTSTANDING AS OF CLOSING

* EAST WEST PETROLEUM CORP - IN ADDITION, DOUG CHLOUPEK FOUNDER & CEO OF JUVA LIFE WILL JOIN BOARD OF RESULTING ISSUER

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