CALGARY, ALBERTA -- (Marketwired) -- 02/25/15 -- Striker Exploration Corp. ("Striker" or the "Company") (TSX VENTURE: ELW) is pleased to announce that it has implemented its previously approved consolidation of the common shares of the Company (the "Common Shares") on the basis of one new Common Share for twenty existing Common Shares (the "Consolidation") and a name change from "Elkwater Resources Ltd." to "Striker Exploration Corp." (the "Name Change"). The Consolidation and the Name Change were approved at the annual general and special meeting of the shareholders of the Company held on February 19, 2015.
Effective at the market opening on March 2, 2015, the Common Shares currently listed on the TSX Venture Exchange under the symbol "ELW" will commence trading under the new name "Striker Exploration Corp." and on a post-consolidated basis under the new symbol "SKX".
As a result of the Consolidation, the Company has approximately 26,830,236 Common Shares, 120,000,000 Common Share purchase warrants (exercisable for up to 6,000,000 Common Shares at an exercise price of $10.00 per Common Share), 59,950,000 performance warrants (exercisable for up to 2,997,500 Common Shares at an exercise price of $2.40 per Common Share) and 50,825,000 stock options (exercisable for up to 2,541,250 Common Shares at an exercise price of $2.40 per Common Share) issued and outstanding (subject to rounding).
Letters of transmittal were mailed to registered holders of Common Shares on February 25, 2015, requesting them to forward the certificates representing their Common Shares of the Company to Alliance Trust Company ("Alliance") in exchange for certificates representing the number of Common Shares of Striker Exploration Corp. to which they are entitled. If a registered shareholder did not receive a letter of transmittal, please contact Alliance at the contact information below.
Striker is a growth-oriented, light oil focused company operating predominantly in Alberta. Striker's full-cycle business plan provides an excellent opportunity to reposition Striker as a high-growth junior E&P company. With an experienced management team and a strong, committed board of directors, growth is expected to occur through timely strategic acquisitions and drilling. Striker currently trades on the TSX Venture Exchange under ticker "ELW".
FORWARD-LOOKING STATEMENTS: This press release contains forward-looking statements. More particularly, this press release contains statements concerning changes to the listing of the Common Shares on the TSX Venture Exchange as a result of the Consolidation and Name Change. In addition, the use of any of the words "anticipate", "believe", "expect", "plan", "intend", "can", "will", "should", and similar expressions are intended to identify forward-looking statements. The forward-looking statements contained herein are based on certain key expectations and assumptions made by the Company, including but not limited to expectations and assumptions concerning the receipt of required regulatory approval. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct.
The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
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 news release.
Striker Exploration Corp.
President and Chief Executive Officer
Striker Exploration Corp.
Vice President, Finance and Chief Financial Officer
Alliance Trust Company