Advantagewon Announces Proposed Change of Business to an Investment Company
Toronto, Ontario--(Newsfile Corp. - May 9, 2022) - Advantagewon Oil Corp. (CSE: AOC) (OTC Pink: ANTGF), (the "Corporation", or "Advantagewon", or "AOC") is pleased to announce that it will be pursuing a change of business to an investment company (the "Proposed COB") under the rules of the Canadian Securities Exchange (the "CSE").
After a thorough evaluation of the Corporation's existing resources and a review of strategic options for the Corporation generally, the Corporation determined to refocus its business operations from a "resource issuer" to an "investment issuer". The board of directors of the Corporation (the "Board") believes that its network of business contacts, the depth of experience of its management team and its overall entrepreneurial approach will enable it to identify and capitalize upon investment opportunities as an "investment issuer". In connection with the Proposed COB, the Corporation intends to adopt an investment policy (the "Investment Policy") to govern its investment activities and investment strategy. A summary of the material terms of the Investment Policy will be disclosed in due course and a copy of the Investment Policy will be posted on the Corporation's profile at www.sedar.com.
In conjunction with the Proposed COB, it is anticipated that the Corporation's name will be changed to "Environmental Capital Corp." or such other name as the directors of the Corporation in their sole discretion may determine. The Corporation reserved "ERUN" as trading symbol with the CSE. The directors of the Corporation believe this name will better reflect AOC's new focus as an investment issuer in clean technology space.
The completion of the Proposed COB is subject to a number of conditions, including the CSE acceptance and shareholder approval. The Proposed COB cannot be completed until the required shareholder approval is obtained which the Corporation intends to obtain through a written resolution.
The Corporation also announces the appointment of Paul Haber as Interim Chief Executive Officer of the Corporation effective May 3, 2022, following the resignation of Carlos Brasil as Chief Executive Officer of the Corporation. The Corporation thanks Mr. Brasil for his service and invaluable assistance in AOC's business and wishes him the best in his future endeavors.
About Advantagewon Oil Corp.
Advantagewon's common shares are listed on the OTC Markets in the United States and on the CSE in Canada. Advantagewon is a member of the CSE Composite Index (CSE: AOC). For more information please visit www.aoc-oil.com
For further information please contact:
Mr. Paul Haber
Chairman & Director
Advantagewon Oil Corp.
T: (416) 318-6501
Mr. Frank Kordy
Secretary & Director
Advantagewon Oil Corp.
T: (647) 466-4037
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the Proposed COB, the ability of the Corporation to complete the Proposed COB, the expected benefits of the Proposed COB to the Corporation and its shareholders, the receipt of shareholders approval and CSE's acceptance and the future plans or prospects of the Corporation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward- looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of AOC, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Although AOC has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Advantagewon does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Completion of the Proposed COB is subject to a number of conditions, including CSE acceptance and shareholder approval. The transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the listing statement to be prepared in connection with the Proposed COB, any information released or received with respect to the Proposed COB may not be accurate or complete and should not be relied upon. Trading in the securities of Advantagewon should be considered highly speculative.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/123221