East West Petroleum Corp. ("East West" or the "Company") is pleased to announce that, further to its news releases of August 16, 2024 and August 29, 2024, the special distribution to holders of common shares of the Company ("Shareholders") by way of a return of capital, in the amount of $0.03 per common share of the Company, for an aggregate distribution amount of $ 2,714,569.95 (the "Distribution"), will be paid by the Company's paying agent, Computershare Investor Services Inc. (the "Paying Agent"), on September 12, 2024.
Each registered Shareholder of record on September 5, 2024 (the "Record Date") will receive a cheque from the Paying Agent representing their pro rata share of the Distribution. Beneficial Shareholders can expect to receive payment from their intermediaries, each of whom has its own payment process.
Given that the Distribution represents more than 25% of the market value of the Company, the TSX Venture Exchange has determined that "Due Bill" trading procedures will apply to the Distribution. Pursuant to such "Due Bill" trading procedures, trades of common shares of the Company entered into from the opening of trading on September 5, 2024 until and including the close of trading on September 12, 2024 will have a Due Bill attached which will allow the purchaser to receive the distribution instead of the seller. The Due Bills will be redeemed on September 13, 2024 once all trades with attached Due Bills entered into up to the close of trading on September 12, 2024 have settled.
Additional details with respect to the Distribution is set out in the management information circular of the Company dated July 10, 2024 (the "Circular"), a copy of which is available free of charge under the Company's profile at the Canadian Securities Administrators' website at www.sedarplus.ca.