CALGARY, Alberta, March 06, 2025 (GLOBE NEWSWIRE) -- Jura Energy Corporation (TSXV: JEC) (“Jura” or the “Company”) announced today that it has been advised by its controlling shareholder, Phoenix Exploration (“Phoenix”), that Phoenix has completed the sale of all of its common shares in the Company, representing approximately 73.3% of the outstanding common shares of the Company (“Common Shares”), to IDL Investments Limited (“IDL”), a British Virgin Islands investment company (the “Transaction”).
In conjunction with the change of control, Mr. Nadeem Farooq has stepped down as Chief Executive Officer (CEO) and a director of Jura. Mr. Farooq shall however continue to serve as an advisor to Jura’s board of directors, in particular in relation to the ongoing legal proceedings involving Jura’s subsidiaries. Dr. Grant Pogosyan has also resigned as a director of the Company.
Mr. Kashif Afzal, Director of IDL, has been appointed as a director of the Company. Mr. Afzal is a British businessman based in the United Arab Emirates. He is the founder of Juniper Group, a private investment and advisory firm, and is an investor in renewable energy, natural resources and carbon credits projects. Mr. Afzal holds an MSc from Oxford University and has completed the Mining Development professional program from the Camborne School of Mines.
The board is now comprised of Mr. Afzal and incumbent directors Stephen Smith and Mehran Inayat Mirza. Mr. Arif Siddiq continues in his role as Chief Financial Officer. The Company is currently in advanced discussions with a CEO candidate and expects to announce the appointment of a replacement CEO soon.
Early Warning Disclosures
IDL acquired 50,659,076 Common Shares (the “Acquired Shares”) from Phoenix, representing approximately 73.3% of the outstanding Common Shares of Jura, at a price of C$0.025 per share for total consideration of C$1,266,476.90. The Transaction was completed by a private agreement between IDL and Phoenix and did not occur on any stock exchange or other securities market. None of the parties to the purchase agreement are, and none of the Acquired Shares were acquired from or were offered to be acquired from, parties located in any province or territory of Canada. The value of the consideration paid for the Acquired Shares, including brokerage fees or commissions, was not greater than 115% of the market price of the Acquired Shares as determined in accordance with Section 1.11 of National Instrument 62-104 – Take-Over Bids and Issuer Bids.
Immediately prior to the Transaction, IDL indirectly beneficially owned 5,035,714 Common Shares representing approximately 7.29% of the outstanding Common Shares. Upon completion of the Transaction, IDL directly beneficially owns 55,694,790 common shares, representing approximately 80.62% of the outstanding Common Shares of Jura on a non-diluted basis. IDL has advised the Company that IDL has acquired the Acquired Shares for investment purposes. IDL will evaluate its investment in Jura on an ongoing basis and may increase or decrease its holdings in Jura, subject to market conditions and other relevant factors. IDL was formed under the laws of British Virgin Islands, its principal business is to make investments and its head office is located at Vistra Corporate Services Centre, Wickhams Cay Il, Road Town, Tortola, VG1110, British Virgin Islands.
Immediately prior to the Transaction, Phoenix directly beneficially owned 50,659,076 Common Shares, representing approximately 73.3% of the outstanding common shares of Jura on a non-diluted basis. Upon completion of the Transaction, Phoenix does not beneficially own or exercise control over any shares of the Company. Phoenix has advised the Company that it has disposed of its Common Shares for investment purposes and it may acquire shares of Jura in the future, subject to market conditions and other relevant factors, although it has no present intention to do so. The address of Phoenix is 33 Edith Cavell St., Port Louis, Mauritius.
The early warning disclosures above are issued pursuant to National Instrument 62-103 – The Early Warning Systems and Related Take-Over Bids and Insider Reporting Issues, which also requires a report to be filed with regulatory authorities in each of the jurisdictions in which the Company is a reporting issuer containing information with respect to the foregoing matters ("Early Warning Reports"). IDL and Phoenix have confirmed that the Early Warning Reports containing additional information with respect to the foregoing matters will be filed and made available under the SEDAR+ profile of Jura at www.sedarplus.ca.
The head office of the Company is Suite 2100, 144 – 4th Avenue SW, Calgary, Alberta T2P 3N4.
For additional information or, in the case of IDL or Phoenix, to obtain a copy of their applicable Early Warning Report, please contact:
Jura
Stephen Smith, Chairman, Jura Energy Corporation
T: +44 7834 834 976
E: info@juraenergy.com
IDL
Phoenix
Kashif Afzal
Muhammad Munzir Latif
T: +971 55 257 7687
T: +971 55 691 0087
E: ka+jura@ekigai.com
E: munzirlatif@yahoo.com
About Jura Energy Corporation
Jura is an international energy company engaged in the exploration, development and production of petroleum and natural gas properties in Pakistan. Jura is based in Calgary, Alberta, and listed on the TSX-V trading under the symbol JEC. Jura conducts its business in Pakistan through its subsidiaries, Frontier Holdings Limited and Spud Energy Pty Limited.
Forward Looking Advisory
This press release contains certain forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of Canadian securities laws. Specific forward-looking statements in this press release include information regarding plans for the near-term appointment of a new CEO. The forward-looking statements contained in this press release are based on management's beliefs, estimates and opinions on the date the statements are made in light of management's experience, current conditions and expected future development in the areas in which Jura is currently active and other factors management believes are appropriate in the circumstances. Jura undertakes no obligation to update publicly or revise any forward-looking statement or information, whether as a result of new information, future events or otherwise, unless required by applicable law. Readers are cautioned not to place undue reliance on forward-looking information. By their nature, forward-looking statements are subject to numerous assumptions, risks and uncertainties that contribute to the possibility that the predicted outcome will not occur, including some of which are beyond Jura's control. These assumptions and risks include, but are not limited to: the availability of a suitable CEO candidate on acceptable terms. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such statements. See Jura's Management’s Discussion and Analysis for the year ended December 31, 2023, available on SEDAR+ at www.sedarplus.ca, for further description of the risks and uncertainties associated with Jura's business.
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 release.
