I am a WCOG insider. It has been requested of me to post this on behalf of WCOG. If you would like more information about WCOG’s plans or wish to sign the Notice of Requisition for a Special Meeting of ATK Shareholders, please do not contact me directly. Rather, please contact Herb Veckenstedt, President, WCOG [email protected] or Mark Winfield at [email protected].
Western Canada Oil and Gas Ltd. (“WCOG”) is hereby issuing the following statement to outline WCOG’s current position regarding the recapitalization of Atikwa Resources Ltd. (“ATK”).
To recap the proceedings between WCOG and ATK:
1) WCOG had entered into a contract to recapitalize ATK via the previously outlined process that was composed and released by ATK via various marketplace newswires on March 6, 2013. WCOG placed a $100,000 deposit with ATK.
2) Contingent to the plan being accepted by both parties, a Recapitalization Agreement (“RA”) was to be signed by both parties by March 11, 2013.
3) The ATK principals provided WCOG with an initial draft of the RA two days late. This first draft was deemed unacceptable to WCOG in the form provided and contained several significant clauses that were not discussed in the original negotiations. ATK refused to give WCOG an extension to revise the RA to reflect the mutually agreed upon terms. In the opinion of WCOG, this delay and misdirection was a clear breach of contract.
4) In response to the March 19th, 2013 press release issued by ATK, WCOG did not trigger the funding for this investment from its financing facility, due to the wholly unacceptable contract that ATK provided, which was late and in breach of the contracted terms and timelines. WCOG’s financing for this investment in ATK is still in place.
5) At the request of several large Shareholders of ATK, WCOG has agreed to coordinate a Dissident Shareholders Group and organize a Special Meeting at which all the Shareholders of ATK would have the opportunity to vote on the possible replacement of the Board of Directors of ATK and the existing Management. To this end, WCOG, at its expense, retained the services of a highly technical legal team, from a major law firm in Calgary, and embarked the process of contacting all of the Shareholders of ATK to see if they were willing to participate in arranging this Special Meeting. The goal is to garner the interest of Shareholders representing 50% + 1 of the issued and outstanding shares of ATK to schedule a Special Meeting. Please note that this is not a solicitation for a Proxy. That will be done in an Information Circular, which can only be done once the Special Meeting has been scheduled. This is a request for signatures to requisition the Special Meeting.
6) Unfortunately, the funders behind WCOG are applying pressure on WCOG to seek other alternatives.
7) WCOG is taking all proper and legal steps to reclaim the $100,000 deposit that we had placed with ATK.
If you would like more information about WCOG’s plans or wish to sign the Notice of Requisition for a Special Meeting of ATK Shareholders; please contact Herb Veckenstedt, President, WCOG [email protected] or Mark Winfield at [email protected] .