Tuesday, 30 September 2014 07:59 AM
VANCOUVER, B.C., / ACCESSWIRE / September 30, 2014 / Umbral Energy Corp. ("Umbral" or the "Company") is pleased to announce, that the common shares of the Company (TSX-V: UMB) (OTCQB: UMBBF) have been made eligible for book-entry delivery and depository services of The Depository Trust Company (the "DTC") to facilitate electronic settlement of transfers of its common shares in the United States.
DTC Eligibility means that a public company's securities can be deposited through DTC. DTC serves as the centralized clearinghouse for more than 50 exchanges and equity trading platforms in the U.S., maintaining multiple data and operating centers worldwide and providing strong business continuity and around-the-clock support. Their depository provides custody and asset servicing for securities issued from 131 countries.
Jag Bal, President and CEO of Umbral Energy states "the eligibility process enhances capital market efficiencies and reduces the cost incurred in trading Umbral shares in the US. With our shares now trading electronically, investors can instantly benefit from greater liquidity and faster execution speeds. Securing DTC eligibility reflects our ongoing efforts to support our growing investor base in the U.S. and abroad."
Benefits to Umbral shareholders as a result of becoming DTC approved, include reducing the time for stock deposits and withdrawals into brokerage accounts while eliminating the inherent risks associated with the loss and replacement of physical stock certificates. Another side benefit is companies that are approved for DTC electronic transfers often experience higher trading volumes in their stock given the additional accessibility and availability of shares for trading. Most large U.S. broker-dealers and banks are DTC participants.
The Company is currently listed as a junior resource issuer having a mineral exploration projects. The Company is considering other activities to increase shareholder value, including non-resource projects. The Company is conducting diligence in regards to the commercial cultivation of marijuana under the newly established Health Canada regulations pertaining to the cultivation of marijuana for medical purposes. While the Company is conducting diligence and having exclusive discussions and negotiations with respect to medical marijuana opportunity, no agreement in principle or otherwise has been entered into with any party and there is no assurance that the Company will acquire any agriculture-related assets, directly or indirectly. In addition the Company has a mineral exploration project in Quebec, Canada as well as an oil and gas project in Alberta, Canada.
ON BEHALF OF THE BOARD OF DIRECTORS OF UMBRAL ENERGY CORP.
"Jag Bal"
Jagdip Bal
President and CEO
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.
This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors - including the availability of funds, the results of financing efforts, the results of exploration activities -- that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE: Umbral Energy Corp.