Silk Energy Announces CSE Conditional Acceptance for Its Acquisition of Silk Energy AS


SILK ENERGY LIMITED (formerly Inspiration Mining Corporation)

TORONTO, July 10, 2019 (GLOBE NEWSWIRE) -- At the annual and special meeting of shareholders held on April 17, 2019, the shareholders of Silk Energy Limited (formerly Inspiration Mining Corporation (the “Company”) approved, among other things, the acquisition of all of the issued and outstanding securities in the capital of Silk Energy AS (“Silk Energy”) and to change the Company’s name from Inspiration Mining Corporation to Silk Energy Limited. In addition, the Company received shareholder approval for the consolidation of the issued and outstanding common shares on a 3 for 1 basis.

The Company is pleased to announce that, further to its news releases dated August 7, 2018, October 25, 2018, January 10, 2019, March 5, 2019 and April 5, 2019, it has received conditional approval (the “Conditional Approval”) from the Canadian Securities Exchange (the “Exchange”) for its acquisition of Silk Energy.

The shares of the Company will resume trading through the facilities of the Exchange once all of the conditions set out in the Conditional Approval have been met. The remaining conditions to be satisfied are (i) completing any and all outstanding Exchange application documentation and (ii) the completion of the Company’s non-brokered private placement (the “Private Placement”).

The Private Placement is an aggregate 40,000,000 units (the “Units”) (on a pre-consolidated basis or 13,333,333 on a post-consolidated basis) at a price of $0.05 per Unit (on a pre-consolidated basis or $0.15 on a post-consolidated basis) for gross proceeds of $2 million. Each Unit is comprised of one (1) common share and one (1) common share purchase warrant (the “Warrant”). Each Warrant entitles the holder thereof to purchase one-half (½) of one common share for a period of two (2) years from the date of issuance. Each whole Warrant is exercisable at a price of $0.07 per common share (on a pre-consolidated basis or $0.21 on a post-consolidated basis).

The Company has already satisfied the following conditions:

  1. The $50 million share subscription facility entered into between Silk Energy AS and Global Emerging Markets (“GEM”), which was announced by the Company’s Press Release of April 5, 2019, has been transferred to the Company.
  2. The Company has completed its acquisition of all of the issued and outstanding securities in the capital of Silk Energy.
  3. An undertaking has been provided to the CSE that the ownership of TOO KMG Ustyurt will be transferred from UnionField Group to Silk Energy within 12 months of the date of listing and disclosure will be provided in the listing statement of this undertaking and the impact and related risks of the current ownership structure.

The Company anticipates satisfying the remainder of the conditions in short order.

About Silk Energy AS

Silk Energy is a private Norwegian company, established specifically to secure undervalued and distressed oil assets in Kazakhstan. Through its wholly owned subsidiary, UnionField Group, it has a 50% interest in the TOO KMG-Ustyurt Limited Liability Partnership (the “LLP”). The LLP owns the Ustyurt lease comprising 6,451 sq km in the Caspian Sea region. Ustyurt is less than 100 kms from the super giant Tengiz and Kashagan fields with a combined 22 billion barrels of recoverable reserves and it's in the fairway of other giant fields.

Steve Kappella, the Chief Executive Officer of Silk Energy Limited stated: “We believe the Ustyurt license has tremendous untapped exploration potential. The license has multi-billion barrel fields to the north and south of the license but it hasn’t had anywhere near the level of seismic or exploration drilling of the neighbouring licenses because of the location and ownership history. The Company has a very experienced management team with considerable experience in Kazakhstan and the team is very excited about the current program. We have already commenced the investigation and planning on 3 prospective target locations and have a further 5 deep exploration targets and potentially dozens of targets in the Neocomian, Jurassic and Triassic.”

For further information, please contact Steve Kappella, Chief Executive Officer of the Company, at

The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

This press release contains forward-looking statements based on assumptions, uncertainties and management’s best estimates of future events. Actual results may differ materially from those currently anticipated. Investors are cautioned that such forward-looking statements involve risks and uncertainties. Important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements are detailed from time to time in the Company’s periodic reports filed with the Ontario Securities Commission and other regulatory authorities. The Company has no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

About GlobeNewswire

One Liberty Plaza - 165 Broadway
NY 10006 New York

GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Subscribe to releases from GlobeNewswire

Subscribe to all the latest releases from GlobeNewswire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire

AMG Advanced Metallurgical Group N.V. Announces Weekly Share Repurchase Program Transaction Details19.7.2019 21:00:00 CESTPress release

Amsterdam, 19 July 2019 --- AMG Advanced Metallurgical Group N.V. ("AMG", EURONEXT AMSTERDAM: "AMG") reports the repurchases made under its share repurchase program announced on 8 April 2019 and effective from 9 April 2019. Information regarding the progress of the share repurchase program and the aggregate of the transactions (calculated on a daily basis) for the period 15 July 2019 through 19 July 2019 can be found in the bottom half of the table below. Further detailed information regarding both the progress of the share repurchase program and the overall trades made on a daily basis can be accessed via the Investors section of the Company’s website, or clicking the following link: Share Repurchase Program Overall progress Share Repurchase Program: Total Repurchase Amount in Shares 2,915,630 Cumulative Repurchase Amount EUR 63,511,098 Cumulative Quantity Repurchased 2,534,054 Cumulative Average Repurchase Price EUR 25.06 Start Date 9 April

Ossur Hf : Össur acquires College Park Industries19.7.2019 17:00:00 CESTPress release

Reykjavik, 19 July 2019 Össur has signed an agreement to acquire College Park Industries, a global provider of lower and upper limb prostheses and supporting services. College Park has over 140 employees and is headquartered in Detroit, USA. Total sales amounted to USD 22 million in 2018. College Park will largely remain independent and continue to diligently serve its customer base, while allowing the combined entity to achieve strategic efficiencies. Össur is committed to growing the College Park brand over the coming years both in the United States and international markets. Together, both companies will be well-positioned to enhance their offerings in both lower and upper limb prosthetics. With this acquisition, Össur hopes to support College Park’s focus on the lower active population and further strengthen its established presence in the upper limb arena. Mutual access to technology and products will enable a more comprehensive product and service offering to customers around the

Norsk Hydro: PÅMINNELSE: Invitasjon - Presentasjon av Hydros resultat for andre kvartal 201919.7.2019 14:43:00 CESTPressemelding

Hydros resultat for andre kvartal 2019 blir offentliggjort tirsdag 23. juli 2019 kl. 07.00. Kvartalsrapporten og presentasjonsmaterialet blir samtidig gjort tilgjengelig på Presentasjon i Oslo Det blir holdt en kombinert analytikerpresentasjon og pressekonferanse ved Hydros hovedkontor i Drammensveien 260, Oslo, samme dag, kl. 08.30. Resultatet blir presentert av konsernsjef Hilde Merete Aasheim og konserndirektør for Økonomi og finans Eivind Kallevik. Hele presentasjonen kan sees direkte på web-TV. For påmelding, vennligst send mail til I tillegg til web-TV, hvor det vil være mulig å stille spørsmål skriftlig, vil det også være mulig å ringe inn (ikke mulig å stille spørsmål over telefon). Du melder deg på denne telefonkonferansen ved å ringe: Norge +47 2100 2610 UK +44 (0)330 336 9125 USA +1 929-477-0324 Sverige +46 (0)8 5033 6574 Brasil +55 11 3181 5427 Tyskland +49 (0)89 20303 5709 Kode: 3104804 Q&A / Telefonkonferanse Det blir holdt en telefonkonferans

Norsk Hydro: REMINDER: Invitation - Hydro’s second quarter results 201919.7.2019 14:43:00 CESTPress release

Hydro's second quarter results 2019 will be released at 07:00 CEST (01:00 AM EDT, 06:00 UK time), on Tuesday July 23, 2019. The quarterly report and presentation slides will be available on at the same time. Presentation in Oslo Hydro will host a combined analyst and press conference, in English, at its corporate headquarters at Drammensveien 260, Oslo, at 08:30 CEST the same day. The presentation will be held by President and CEO Hilde Merete Aasheim and CFO Eivind Kallevik and can also be seen on web TV. To attend the presentation in Oslo, please register by sending a mail to In addition to the webcast, where it will be possible to ask questions in writing, it will also be possible to dial in (not possible to ask questions over the phone). Dial-in numbers for this conference call are: Norway +47 2100 2610 UK +44 (0)330 336 9125 USA +1 929-477-0324 Sweden +46 (0)8 5033 6574 Brazil +55 11 3181 5427 Germany +49 (0)89 20303 5709 Confirmation Code: 3104804 Q&A

Sunstone Life Science Ventures invests in Karolinska Development's portfolio company Forendo Pharma19.7.2019 14:00:00 CESTPressemelding

STOCKHOLM – July 19, 2019. Karolinska Development's portfolio company Forendo Pharma announces today that Sunstone Life Science Ventures joins the existing international investor syndicate and has made a EUR 5 million investment in Forendo Pharma. Claus Andersson, General Partner from Sunstone, joins Forendo Pharma’s Board of Directors. With the investment, Sunstone joins the existing international investor syndicate comprising Novo Seeds, Karolinska Development, Innovestor, Novartis Venture Fund, M Ventures and Vesalius Biocapital Partners. The new financing will enable Forendo Pharma to progress its lead endometriosis program, FOR-6219, an HSD17B1 enzyme inhibitor, into the next phase of clinical studies after the successful completion of its Phase 1a study earlier this year. Endometriosis is a chronic condition that affects many women of reproductive age and causes repeated pain symptoms, infertility and impaired quality of life. Currently available treatments for endometriosis have