In addition, Madalena announces that it has entered into a settlement agreement with Mr. Kevin Shaw, former President and Chief Executive Officer of the Company, with respect to his departure from Madalena. Pursuant to such agreement, among other things, Madalena has agreed to issue 1,696,970 common shares of the Company at a deemed issue price of $0.165 per share, which decreases the severance contractually owed to Mr. Shaw by $280,000. Such share issuance is subject to the approval of the TSX Venture Exchange.
About Madalena Energy
Madalena is an independent, Canadian-based, Argentina focused upstream oil and gas company with operations in four provinces of Argentina where it is focused on the delineation of unconventional resources in the Vaca Muerta shale, Lower Agrio shale and Loma Montosa oil plays. The Company is implementing horizontal drilling and completions technology to develop both its conventional and resource plays.
Madalena trades on the TSX Venture Exchange under the symbol MVN and on the OTCQX under the symbol MDLNF.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Madalena Energy Inc.