CALGARY, ALBERTA--(Marketwired - Dec. 16, 2013) - Donnybrook Energy Inc. ("Donnybrook" or the "Company") (TSX VENTURE:DEI) reports that the board of directors of the Company has determined that, at this time, the Company will not be proceeding with the previously announced proposed consolidation of its common shares ("Common Shares") and name change.
At the meeting of shareholders of the Company ("Shareholders") held on September 6, 2013, Shareholders approved, among other things, a special resolution to consolidate the issued and outstanding Common Shares on the basis of one (1) post-consolidation Common Share for up to every forty-three (43) pre-consolidation Common Shares, or such lesser ratio that the board of directors of the Company (the "Board"), in its sole discretion, may determine to be appropriate (the "Consolidation"). Shareholders also approved a special resolution to change the name of the Company to "Deca Exploration Inc." or such other name as the Board may determine to approve (the "Name Change").
The Company is currently in the process of defending the previously announced proposed class action. The Company firmly believes that the allegations in the proposed class action are without merit and the Company will be vigorously defending the claims. Accordingly, the Company has deferred its previously announced pursuit of strategic alternatives to a future date as yet to be determined.
ON BEHALF OF THE BOARD OF DONNYBROOK ENERGY INC.
Malcolm F. W. Todd, Chief Executive Officer
ADVISORY ON FORWARD-LOOKING STATEMENTS: This news release contains certain forward-looking information and statements ("forward-looking statements") within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking statements. In particular and without limitation, this news release contains forward-looking statements concerning the Name Change, the Consolidation, the proposed class action and the Company's strategic process.
Forward-looking statements are based on a number of material factors, expectations or assumptions of Donnybrook which have been used to develop such statements and information but which may prove to be incorrect. Although Donnybrook believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because Donnybrook can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Additional information regarding some of these risks, expectations, assumptions and other factors may be found in the Company's Annual Information Form and Management's Discussion and Analysis prepared for the year ended December 31, 2012. The reader is cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof and Donnybrook undertakes no obligations to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
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.
Donnybrook Energy Inc.
President and Chief Executive Officer
(604) 684-4265 (FAX)