Calgary, AB - TheNewswire - October 10, 2019 - Whitemud Resources Inc. ("Whitemud" and the "Company") (NEX:WMK.H) is pleased to announce that the TSX Venture Exchange has provided acceptance for Whitemud's graduation from NEX to Tier 2 of the Exchange and reclassification as an Industrial Issuer. The graduation will become effective at market open on Tuesday, October 15, 2019 when the Company's listing will transfer from NEX to TSX Venture.
Whitemud has prepared a Filing Statement in connection with its application for graduation and reclassification which is available under the Company's SEDAR profile at www.sedar.com. Upon receipt of final acceptance from the Exchange the Company will be reclassified as a Tier 2, Industrial Issuer.
The reclassification of the Company from a Mining Issuer to an Industrial Issuer is a result of the growth of the Company's liquefied petroleum gas business segment (the "LPG Business") through Whitemud's petroleum product marketing division, Midstream Energy Partners. The Company's LPG Business has been under development since the fourth quarter of 2015 when Whitemud created the Midstream Energy Partners division in an effort to diversify its business.
Going forward the Company will continue to operate the LPG Business, which consists of buying and selling propane and butane through physical deliveries and by inventory transfer by conducting buy/sell marketing transactions. In the future, the Company may also commence marketing activities in all types of commodities and engage in all activities ancillary thereto including, but not limited to, the storage, logistics and transportation of physical commodities.
The Company intends to grow its LPG Business and anticipates that future expenditures related to the LPG Business will be financed out of current cash balances and cash flow provided by operating activities. No financing has been or will be conducted in connection with the Company's graduation as a Tier 2, Industrial Issuer nor will there be any changes to the number and percentage of securities of the Company issued and outstanding, the name of the Company or any other changes to Whitemud's constating documents.
With respect to Whitemud's existing kaolin and metakaolin business, the Company intends to maintain its kaolin mineral rights while reducing expenses at the Gollier Creek mine and plant.
About Whitemud Resources Inc.
Whitemud is a Canadian-based corporation engaged in the business of commodity marketing and logistics through Midstream Energy Partners, a division of Whitemud Resources Inc. formed in 2015.
Whitemud also holds mineral rights to exploit a large kaolin deposit in southern Saskatchewan, together with a processing facility located on the property. Whitemud's product, Whitemud (MK) is a cement-grade metakaolin that enhances the performance of cement for oil and gas wells and construction applications. The Company uses a process that minimizes environmental impact.
For further information, please contact:
Whitemud Resources Inc.
Suite 3900, 205 5th Avenue SW
Calgary, Alberta T2P2V7
This news release contains forward-looking statements, within the meaning of applicable securities legislation, concerning Whitemud's business and affairs. In certain cases, forward-looking statements can be identified by the use of words such as ''attempts'', ''intends'', "continues" or variations of such words and phrases or state that certain actions, events or results ''may'', ''could'', ''would'', ''might'' or ''will be taken'', ''occur'' or ''be achieved''. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Although Whitemud believes these statements to be reasonable, no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. Such statements include statements with respect to the Company's (i) ability to grow and finance the LPG Business with revenue, (ii) to expand marketing activities into all types of commodities, (iii) the maintenance of its kaolin mineral rights, (iv) liquidation of stockpiled kaolin and (v) the sale of its Gollier Creek processing facility. Actual results could differ materially from those anticipated in these forward-looking statements as a result of prevailing economic conditions, and other factors, many of which are beyond the control of Whitemud. The forward-looking statements contained in this news release represent Whitemud's expectations as of the date hereof, and are subject to change after such date. Whitemud disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as may be required by applicable securities regulations.
Neither the TSXV 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.
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