East West Petroleum Shareholders Approve Capital Reduction and All Other Matters at the Annual and Special Meeting

Rhea-AI Summary

East West Petroleum (TSXV: EW) announced the results of its Annual and Special Meeting, where shareholders approved a significant capital reduction initiative. The company's stated capital will be reduced by up to $3 million from the current $37,224,841, enabling a distribution of $0.03 per common share to shareholders.

Shareholders re-elected Nick DeMare, Mark T. Brown, and Kevin William Haney to the board, while also approving the company's stock option plan allowing grants up to 10% of outstanding shares. Following the meeting, Nick DeMare was appointed as Interim CEO and Corporate Secretary, with Harvey Lim becoming Interim CFO.

Positive

• Capital return of $0.03 per share to be distributed to shareholders
• Shareholders approved 10% stock option plan providing flexibility for future incentives
• Successful board restructuring with key leadership appointments completed

Negative

• Reduction in stated capital by $3 million could impact company's financial flexibility
• Change in leadership structure with interim appointments indicates transitional period

News Market Reaction

+2925.00%

1 alert

+2925.00% News Effect

On the day this news was published, EWPMF gained 2925.00%, reflecting a significant positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Vancouver, British Columbia--(Newsfile Corp. - September 5, 2025) - East West Petroleum Corp. (TSXV: EW) ("East West" or the "Company") is pleased to announce that at the Annual and Special Meeting of Shareholders of the Company (the "Meeting") held on September 5, 2025, the shareholders re-elected Nick DeMare, Mark T. Brown and Kevin William Haney to the board of directors (the "Board"). Giacomo Grassi did not stand for re-election at the Meeting.

The shareholders passed all resolutions including (i) an ordinary resolution to ratify the Company's existing stock option plan, pursuant to which the Company may grant stock options up to 10% of its issued and outstanding common shares at the time of the grant; and (ii) a special resolution to approve the return of capital by way of a reduction in stated capital of the Company (the "Capital Reduction"). In accordance with the special resolution passed by the shareholders, the Board has determined that the stated capital of the Company, which is currently $37,224,841, will be reduced by up to $3 million, pursuant to the Business Corporations Act (British Columbia), for the purposes of distributing to the holders of common shares of the Company a portion of the Company's cash in the amount of $0.03 per common share (the "Distribution").

The Company will issue a further news release once the effective date for the Capital Reduction and the Distribution is finalized.

Further details in respect of the Capital Reduction and Distribution are available in the management information circular of the Company in respect of the Meeting held on September 5, 2025, a copy of which is available free of charge under the Company's profile at the Canadian Securities Administrators' website at www.sedarplus.ca.

Following the Meeting, the Board appointed Nick DeMare as Interim CEO and Corporate Secretary of the Company and Harvey Lim as Interim CFO. Messrs. DeMare, Brown, and Haney were appointed to the audit committee.

On Behalf of the Board

"Nick DeMare"

Nick DeMare,
Director & Interim CEO

1305 - 1090 West Georgia Street, Vancouver, BC, Canada, V6E 3V7
Tel: 604.685.9316 | Fax: 604.683.1585

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 release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/265368

FAQ

How much is East West Petroleum's (TSXV: EW) capital reduction and shareholder distribution?

East West Petroleum will reduce its stated capital by up to $3 million and distribute $0.03 per common share to shareholders.

Who are the new board members and executives of East West Petroleum after the 2025 Annual Meeting?

Nick DeMare (Interim CEO and Corporate Secretary), Mark T. Brown, and Kevin William Haney were re-elected to the board, with Harvey Lim appointed as Interim CFO.

What was East West Petroleum's stated capital before the reduction?

East West Petroleum's stated capital before the reduction was $37,224,841.

What other resolutions were approved at East West Petroleum's 2025 Annual Meeting?

Shareholders approved the company's stock option plan allowing grants of up to 10% of issued and outstanding common shares at the time of grant.