TSXV – BEN.H
VANCOUVER, BC, March 26, 2021 /CNW/ - Butte Energy Inc.
(TSXV: BEN.H) (the "Company") announces that it has
learned of circumstances which lead it to believe that Genesis
Group Limited ("Genesis) has breached its agreement with the
Company (announced February 12,
2021). The Company has not yet formally communicated its
position in this regard, and is evaluating its legal options. In
the meantime, the Company has received a letter from Genesis which
purports to confirm the Company's termination of the agreement with
Genesis. The Company will provide further updates as developments
occur.
In the interim, funds received from subscribers to the
subscription receipt financing announced on February 12, 2021 and February 19, 2021 will be returned to the
subscribers as soon as possible.
On behalf of BUTTE ENERGY INC.
"Geir
Liland"
Chief Executive Officer
Except for the statements of historical fact, this news
release contains "forward-looking information" within the meaning
of the applicable securities legislation that is based on
expectations, estimates and projections as at the date of this news
release. "Forward-looking information" in this news release
includes statements about the breach of the letter agreement
announced February 12, 2021 and the
Company's further updates thereon.
Factors that could cause actual results to differ materially
from those described in such forward-looking information include,
but are not limited to, risks related to ongoing discovery and
litigation of the letter agreement and the Company's position
thereon.
The forward-looking information in this news release reflects
the current expectations, assumptions and/or beliefs of the Company
based on information currently available to the Company. Although
the Company believes that the assumptions inherent in the
forward-looking information are reasonable, forward-looking
information is not a guarantee of future performance and
accordingly undue reliance should not be put on such information
due to the inherent uncertainty therein.
Any forward-looking information speaks only as of the date on
which it is made and, except as may be required by applicable
securities laws, the Company disclaims any intent or obligation to
update any forward-looking information, whether as a result of new
information, future events or results or otherwise.
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term as defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Butte Energy Inc.