Shareholders of Shelton Petroleum AB passed the following main resolutions at the Extraordinary General Meeting held earlier today.
The shareholders resolved to issue convertible debentures in the amount of SEK 30,000,000 and SEK 185,249,280 in accordance with the Board’s proposal. Entitled to subscribe for the convertibles shall, with deviation from the shareholders’ preferential rights, be Petrogrand AB. Subscription to the convertible debentures is also subject to approval at an extraordinary general meeting in Petrogrand AB.
Furthermore, the shareholders resolved to offer the holders of convertible debenture 2011/13 (the “Convertible 2013”) to subscribe for a new convertible debenture, the “Convertible 2014”, which shall be convertible to shares during the period 1 - 15 June, 2014. Payment for the Convertible 2014 shall be made by way of set-off with Convertible 2013. All other terms and conditions of Convertible 2014 shall be equivalent to the terms and conditions of Convertible 2013.
The shareholders voted to adopt a new Articles of Association pursuant to which the number of Board members is increased to be not less than three and not more than nine, all in accordance with the Board’s proposal. The General Meeting resolved also to adopt a new Articles of Association pursuant to which Shelton shall have only one class of shares with equal rights for all shares. The adoption of the new Articles of Association is conditional upon conversion of both convertibles issued to Petrogrand AB.
The shareholders resolved in accordance to the nomination committee’s proposal to elect Maks Grinfeld (CEO in Petrogrand) and Mats Jansson (Board Member of Petrogrand) as new members of the Board of Shelton Petroleum.
The minutes of the extraordinary general meeting will be made available on the company’s website, www.sheltonpetroleum.com.
For more information, please contact: Robert Karlsson, CEO, Shelton Petroleum, tel +46 709 565141 firstname.lastname@example.org www.sheltonpetroleum.com
About Shelton Petroleum
Shelton Petroleum is a Swedish company focused on exploring and developing concessions in Russia and the resource-rich basins of Ukraine. In Russia, the company holds three licenses in the Volga-Urals area in Bashkiria and has commenced production on the Rustamovskoye field after a successful exploration program. In Ukraine, Shelton Petroleum’s wholly owned subsidiary has a joint venture with Ukrnafta and Chornomornaftogaz, two leading Ukrainian oil and gas companies. The Shelton Petroleum share is traded on NASDAQ OMX Stockholm under the under the symbol SHEL B.