East West Petroleum shareholders approve capital return

Vancouver, British Columbia–(Newsfile Corp. – August 16, 2024) – East West Petroleum Corp. (TSXV: EW) (“East West” or the “Company”) announces that its shareholders today approved its previously announced return of capital by way of a reduction of the Company’s issued share capital. In accordance with the special resolution adopted by the shareholders, the Company’s board of directors has determined that the Company’s issued share capital, currently $39,868,761, will be reduced by up to $3 million, in accordance with the Corporate Corporations Act (British Columbia), for the purpose of distributing to the holders of common stock of the Company a portion of the Company’s cash in the form of $0.03 per common share (the “Distribution“).

The company will issue a further press release once the effective date for the capital reduction and distribution has been finalised.