CALGARY, ALBERTA -- (Marketwired) -- 05/19/17 -- Jura Energy Corporation (TSX VENTURE: JEC) ("Jura") today announced that Shahzad Ashfaq, director of Jura since July 2012, has advised the board of directors of Jura (the "Board") that he will resign from the Board following the annual and special meeting of shareholders to be held on Thursday, May 25, 2017 at the office of Jura located at Suite 5100, 150 - 6 Avenue SW, Calgary, Alberta at 8 a.m. (Calgary time) (the "Shareholder Meeting"). Mr. Ashfaq is stepping down from the Board to devote more time to his other business interests. The Board has acknowledged Mr. Ashfaq's important contributions to Jura during the period in which he served as a director, and particularly as a member of the Board's audit and reserves committees, and wishes Mr. Ashfaq every success for the future.
The Shareholder Meeting will proceed as planned and there is no need for shareholders to alter their votes that have already been submitted as a result of this resignation. Jura mailed a management information circular (the "Circular") in respect of the Shareholder Meeting to shareholders on or about April 28, 2017, in which management proposed to nominate all of the incumbent directors for re-election. As indicated in the Circular, it is the intention of the management nominee to vote proxies in the form accompanying the Circular in favour of the election of all of the following seven nominees: Stephen C. Akerfeldt, Shahzad Ashfaq, Timothy M. Elliott, Shahid Hameed, Akbar Kazmi, Stephen Smith and Frank J. Turner.
Management of Jura will not nominate another candidate in Mr. Ashfaq's place, and Mr. Ashfaq's resignation will be effective immediately following the close of the Shareholder Meeting. Presuming that there are no other nominees for the Board who are elected at the Shareholder Meeting, Jura will have a six-member Board, and the Board will consider whether it would be beneficial to conduct a search for an additional director or directors.
About Jura Energy Corporation
Jura is an international energy company engaged in the exploration, development and production of petroleum and natural gas properties in Pakistan. Jura is based in Calgary, Alberta, and listed on the TSX-V trading under the symbol JEC. Jura conducts its business in Pakistan through its subsidiaries, Frontier Holdings Limited and Spud Energy Pty Limited.
Forward Looking Advisory
This press release contains certain forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of Canadian securities laws. The words "will", "approximately", and similar expressions are used to identify forward looking information.
The forward-looking statements contained in this press release are based on management's beliefs, estimates and opinions on the date the statements and are made in light of management's experience and other factors management believes are appropriate in the circumstances, and include the outcome of the election of directors at the Shareholder Meeting, and the voting of proxies by the management nominee at the Shareholder Meeting. Jura undertakes no obligation to update publicly or revise any forward-looking statement or information, whether as a result of new information, future events or otherwise, unless required by applicable law.
Readers are cautioned not to place undue reliance on forward-looking information. By their nature, forward-looking statements are subject to numerous assumptions, risks and uncertainties that contribute to the possibility that the predicted outcome will not occur, including some of which are beyond Jura's control. These assumptions and risks include, but are not limited to: the votes cast by shareholders, including Jura's majority shareholder Eastern Petroleum Limited, at the Shareholder Meeting, and the proper holding of the Shareholder Meeting, including meeting the necessary quorum requirements. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Mr. Shahid Hameed
Tel: +92 51 2270702-5
Fax: +92 51 227 0701