CALGARY, ALBERTA — (Marketwired) — 11/14/13 — Africa Hydrocarbons Inc. (TSX VENTURE: NFK) (“AHI” or the “Corporation”) is pleased to announce that it has added David M. Antony to the Board of Directors.
Mr. Antony is a Chartered Accountant and has over 17 years experience in assisting companies in structuring transactions, accessing capital, and corporate governance. In the last five years, Mr. Antony has been Chief Executive Officer of Southern Pacific Resource Corp. where he continues as Chairman of the Board of that company. He currently is also Chief Executive and a director of Blackhawk Resource Corp., and Sabre Graphite Corp., and he is a director North Sea Energy Inc., Great Bear Resources Ltd., and Iron Tank Resources Corp. In addition, Mr. Antony sits on both the Local Advisory and National Advisory Committees for the TSX Venture Exchange. Mr. Antony will also assume the Chair of the Audit Committee of the Corporation.
Trevor Wong-Chor has also been appointed as Corporate Secretary of the Corporation. Mr. Wong-Chor is a Corporate Commercial and Securities lawyer. His practice consists primarily of advising corporations and investment dealers with respect to securities and business law matters, with particular emphasis on advising issuers on private and public offerings of securities, mergers and acquisitions, and securities regulatory requirements.
Further to the news release of November 12, 2013, the Corporation and its partner are still awaiting the commencement of testing operations. These operations are expected to take approximately ten days. Results will be press released once relevant flow and pressure data have been collected and interpreted.
The Corporation has also granted options to acquire 1,500,000 common shares of the Corporation (“Common Shares”) to various directors and officers of the Corporation. The options have an exercise price of $0.30 per Common Share and expire on that date that is five years from the date of grant.
Following the grant of these options, the Corporation has 5,450,000 options outstanding. Based on the 113,405,949 Common Shares outstanding, this represents a total of only 4.5% of the issued and outstanding Common Shares under the Corporation–s 10% stock option plan.
The Corporation has determined that exemptions from the various requirements of TSX Venture Exchange Policy 5.9 are available for the granting of the options.
About the Company
AHI is a Canadian based international oil and natural gas company involved in the acquisition, exploration and development of energy assets, with an emphasis on Africa. The key asset of the Company is its 47.5% owned Bouhajla Block, located onshore in Tunisia within the productive Pelagian Basin.
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.
This press release, required by applicable Canadian laws, is not for distribution to U.S. News services or for dissemination in the United States, and does not constitute an offer to sell or a solicitation of an offer to sell any of the securities described herein in the United States. These securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States or to U.S. Persons unless registered or exempt therefrom.
ON BEHALF OF THE BOARD OF AFRICA HYDROCARBONS INC.
John Nelson, CEO
Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “objective”, “ongoing”, “may”, “will”, “project”, “should”, “schedule”, “believe”, “plans”, “intends” and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this news release contains forward looking statements. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond management–s control, including the receipt of third party approvals, including shareholder and regulatory approvals, the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve or resource estimates, environmental risks, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and ability to access sufficient capital from internal and external sources.
Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements. No assurance can be given that any of the events anticipated will transpire or occur, or if any of them do so, what benefits will derive from them. Except as required by applicable securities laws, AHI disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Contacts:
Africa Hydrocarbons Inc.
John Nelson
CEO
(403) 265-8011