Panorama Petroleum Inc. (the “Company”) reports that a total debt of $5,300,000 has been extinguished by the issuance of 98,000,000 common shares to Maverick Petroleum Ltd. and 8,000,000 common shares to Larnite Corporation (Pvt) Ltd.
This transaction was approved by the TSX Venture Exchange. All common shares to be issued in this transaction will be subject to a four month hold period.
For further information, please contact:
Chief Financial Officer
Tel: (604) 684-2401
Fax: (604) 684-2407
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 or the adequacy or accuracy of this release. Certain information provided in this news release contains forward-looking statements that by their nature are subject to numerous risks and uncertainties and readers are cautioned that actual results may vary considerably from those forecasted.