Stetson Oil Gas Ltd. (TSXV: SSN.V) said Jan. 13 it will redeem and delist all issued and outstanding preference shares, issued Nov. 18, 2008, on Jan. 20. The preference shares were issued six years ago in connection with Stetson’s claim against Stifel Nicolaus Canada Inc. (NYSE: SF) (formerly Thomas Weisel Partners Canada Inc.) for failed bought-deal financing, Stetson said.
The redemption price will be one hundredth/cent (CA$ 0.0001) per share in cash, the company said. This represents the amount of the preference shares’ paid-up capital, the company added.
After Jan. 20, Stetson will apply to the TSX Venture Exchange to delist the shares, the company said.
Preference shareholders’ entitlements to portions of litigation funds, secured by Stetson prior to Dec. 31, 2013, have lapsed, the company said.
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