CALGARY, ALBERTA, Nov. 5, 2009 (Marketwire) -- Shelton Canada Corp. ("Shelton") (TSX VENTURE:STO), a public company listed on the TSX Venture Exchange (TSX-V) in Canada (STO) and Petrosibir AB ("Petrosibir"), a Swedish public company listed on the Nordic Growth Market in Stockholm, Sweden (PETS) announce that further to the announcements concerning the intended business combination, on Friday, October 23, 2009, an application was successfully made before Justice Allan Wachowich of the Court of Queen's Bench of Alberta (the "Court") for approval of an Interim Order for Shelton to proceed, pursuant to section 193 of the Business Corporations Act (Alberta) ("ABCA"), to convene an annual and special meeting of the holders of Shelton's issued and outstanding shares in connection with, among other things, a proposed plan of arrangement involving Petrosibir, Petrosibir Canada Inc. ("PCI"), Shelton and the holders of Shelton's shares.
Summary of Court Order
The Court granted an Interim Order on October 23, 2009 (the "Court Order") approving a proposed plan of arrangement (the "Arrangement") pursuant to section 193 of the ABCA. The Arrangement is described in an arrangement agreement (the "Arrangement Agreement") between Shelton, PCI and Petrosibir and dated as of July 15, 2009, as amended by Amending Agreement dated as of October 17, 2009. The Arrangement Agreement is attached to Shelton's management Information Circular which will be sent to Shelton Shareholders in connection with the special and annual meeting ("Information Circular").
Notice of Meeting
Under the Court Order granted on October 23, 2009, the only persons entitled to notice of the Meeting (the "Notice") shall be the registered shareholders of Shelton, as applicable, as they may appear on the records of Shelton as at the close of business on the record date for the Meeting, the directors, the auditors of Shelton and the Executive Director. The Notice, including the Information Circular among other documents, will be mailed or delivered at least 21 days prior to the day of the Meeting (exclusive of the day of mailing or delivery but inclusive of the day of the Meeting).
Originally Shelton and Petrosibir announced that they hoped to have the special and annual meeting on or about November 6, 2009. Due to delays encountered in finalization of reports and obtaining input from sources of information including professional service advisors in connection with preparation of the Information Circular it has been necessary to postpone the meeting. It is expected that the meeting will now be held on or before December 15, 2009.
About Shelton Canada Corp.:
Shelton Canada Corp. (www.sheltoncdn.com), a Canadian-based junior oil and gas company, is focused on exploring and developing the resource-rich basins of Ukraine. The company has an internationally experience board of directors and a long history of successful operations in Ukraine.
