NEWS RELEASE | Tuesday, August 4th, 2015
Petrostar Petroleum Corporation (“Petrostar” or “the Company”) wishes to announce that company has entered into two debt settlement agreements dated July 31,2015 in order to settle an additional $ 55,200.00 in outstanding debt through the issuance of 1,104,000 Petrostar common shares at deemed prices of $0.05 per share .
The Company elected to complete the new debt settlement in light of its current working capital position and in order to preserve cash to fund the development of its ongoing projects. Any shares issued in connection with the debt settlement will be issued in reliance on certain prospectus and registration exemptions under applicable securities legislation and will be subject to a hold period of four months and a day.
The completion of the debt settlement remains subject to the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.