Pennine to issue shares for debt, will name Jon Harris as CEO on January 1
CALGARY, Canada (Dec. 22, 2020)—Pennine Petroleum Corporation (TSX-V: PNN) (“Pennine” or the “Corporation”) announces that in an effort to conserve capital and to improve its financial position (and subject to regulatory exchange approval), the Corporation has entered into debt settlement agreements with certain creditors of the Corporation, including its current Directors and Officers of the Corporation.
Pursuant to these agreements, the Corporation will issue an aggregate of 37,574,017 common shares (“Common Shares”) in the capital of the Corporation at a deemed price of $0.03 per Common Share to settle $1,127,221 of outstanding debt (collectively “Shares for Debt Transactions”).
The Corporation also announces that Mr. Jon Harris, currently a Non-Executive Director with Pennine, shall become the Chief Executive Officer (CEO) of the Corporation with effect from January 1, 2021. Mr. Harris earned a Chemical Engineering degree from the University of Natal (South Africa), and obtained a Master of Business Administration (MBA) degree from the London Business School. Mr. Harris has extensive experience in early-stage mining projects in sub-Saharan Africa, particularly in gold, nickel and bauxite exploration and production. Mr. Harris has served as a Non-Executive Director for several AIM- and TSX-listed companies, including Albania-based Bankers Petroleum Ltd. from 2004 through 2016.