CALGARY, AB–(Marketwired – June 28, 2017) – Front Range Resources Ltd. (“Front Range” or the “Company“) (TSX VENTURE: FRK) reports that the Company’s Annual and Special Meeting of Shareholders of the Company was held on June 27, 2017, in Calgary, Alberta. Front Range shareholders elected Todd McAllister, Bruce Pachkowski, Malcolm Shaw, Malcolm Todd and Colin Watt as directors of the Company. Dan Halyk did not stand for re-election to the board. The board and management thank Dan for his time, support and contributions to the Company.
Front Range’s shareholders also approved and adopted the Company’s stock option plan and the appointment of Smythe LLP, Chartered Professional Accountants, as auditors of the Company for the ensuing year.
Following up on the 3-26 Upper Montney discovery well at West Pepper and the 6-28 Basal Montney well results at East Pepper, the Company is evaluating various options to continue to advance its top-tier Montney resource at its 56 section (35,840 acres/14,336 ha) 100% W.I. Pepper, Alberta property and to boost overall shareholder value. Such options may include farm-outs/farm-ins, acquisitions, dispositions and/or exchange of assets, recapitalization or mergers with other companies. Except as required by law, Front Range does not intend to disclose developments in this respect until the board of directors of the Company has approved a definitive agreement/transaction. The Company cautions that there are no guarantees that an agreement/transaction will be undertaken.
Front Range currently has 54,855,063 common shares issued and outstanding, no debt and estimated positive working capital of approximately $3.75 million.
Further information relating to Front Range is also available on its website at www.frrl.ca.
ADVISORY ON FORWARD-LOOKING STATEMENTS:
This news release contains certain forward-looking information and statements (“forward-looking statements“) within the meaning of applicable securities laws. In particular and without limitation, this news release contains forward -looking statements concerning the Company’s consideration of options to advance its Montney resource and the boost of overall shareholder value.
Forward-looking statements are based on a number of material factors, expectations or assumptions of the Company which have been used to develop such statements and information but which may prove to be incorrect. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Additional information regarding some of these risks, expectations, assumptions and other factors may be found in the Company’s Annual Information Form and Management’s Discussion and Analysis prepared for the year ended December 31, 2016. The reader is cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof and the Company undertakes no obligations to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
NEITHER 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 NEWS RELEASE.