Rodinia Oil Corp. provides corporate update
CALGARY, June 21, 2013 /PRNewswire/ – (TSXV: ROZ) - Rodinia Oil Corp. (“Rodinia”) announces that its strategic review
process being conducted with its financial advisor has now ended
On September 18, 2012, Rodinia announced that it had engaged CIBC World
Markets Inc. (“CIBC”) as exclusive financial advisor to assist the
Board of Directors’ Special Committee in exploring and evaluating a
range of strategic alternatives with the view to maximizing shareholder
value. Such strategic alternatives could have included, but were not
limited to, a sale, farmout or joint venture of all or a portion of the
assets of Rodinia, a merger or other business combination of Rodinia
with another entity, a recapitalization of Rodinia, a sale of Rodinia
as a whole or any combination thereof.
Over the past nine months, various parties have signed confidentiality
agreements with Rodinia and have reviewed its confidential data.
However, no proposals have been brought forward for Rodinia to consider
and as a result, the financial advisory services of CIBC have been
As Rodinia has no external source of revenue and has been unable to
collect any of the $4.4 million owed to it by its working interest
partner, it must depend upon the use of its remaining working capital
to continue to carry on business. In order to reduce its ongoing
expenses, Rodinia has reduced the compensation payable to its President
and Chief Executive Officer to nil, has reduced the compensation
payable to its Vice President Finance and Chief Financial Officer
substantially and has terminated the services of several of its staff,
including Ms. Susan Showers, Manager, Investor Relations. Rodinia’s
Board and senior management would like to thank Ms. Showers for her
dedicated contribution to Rodinia and wish her the very best in her
Rodinia will continue to seek a transaction that will benefit its
shareholders. However, as it has been unable to raise additional
capital or complete a transaction through its strategic review process,
Rodinia’s ability to carry on as a going concern is now in serious
About Rodinia Oil Corp.
Rodinia is engaged in the exploration, acquisition and development of
petroleum and natural gas assets in Australia’s Officer Basin.
Rodinia’s assets include an 85% working interest in approximately
23,000,000 gross acres of exploratory lands in South Australia and
Western Australia, along with 4,048 kilometres of seismic acquired and
processed by Rodinia, the results of two wells and a 15,300 kilometre
aeromagnetic/aerogravity survey, all relating to this exploratory
acreage. Rodinia has no debt. Rodinia has offices in Calgary, Alberta
and Adelaide, South Australia. Its common shares are listed for trading
on the TSX Venture Exchange under the symbol “ROZ”.
This press release may contain forward-looking information that involves
substantial known and unknown risks and uncertainties, most of which
are beyond the control of Rodinia, including, without limitation,
statements pertaining to management’s future plans. All statements
included herein, other than statements of historical fact, are
forward-looking information and such information involves various risks
and uncertainties. There can be no assurance that such information
will prove to be accurate, and actual results and future events could
differ materially from those anticipated in such information. A
description of assumptions used to develop such forward-looking
information and a description of risk factors that may cause actual
results to differ materially from forward-looking information can be
found in Rodinia’s disclosure documents on the SEDAR website at www.sedar.com. Any forward-looking statements are made as of the date of this
release and, other than as required by applicable securities laws,
Rodinia does not assume any obligation to update or revise them to
reflect new events or circumstances.
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.
SOURCE Rodinia Oil Corp.