Reinstatement to trading, shares for debt and corporate update
CALGARY, Canada (Nov. 3, 2021) — Pennine Petroleum Corporation ("Pennine" or the “Corporation") has been working closely with the TSX-V to get Pennine shares (TSX-V: PNN) reinstated for trading and, following those discussions, Pennine is pleased to announce that, effective Friday, Nov. 5, 2021, Pennine shares will be reinstated for trading on the TSX-V.
Shares for Debt
On Dec. 22, 2020, the Corporation announced that it had entered into debt settlement agreements (collectively “Shares for Debt Transactions”) with certain creditors of the Corporation, to settle $1,127,221 of outstanding debt. These transactions were subject to further TSX-V review and acceptance. Following that review, the TSX-V has agreed that $934,929.31 of debt can be settled in Pennine shares once a price reservation can be determined upon reinstatement to trading. The currently proposed deemed price is $0.03 per share.