Press ReleasesPIERIDAE ENERGY ANNOUNCES THIRD QUARTER RESULTS AND PROVIDES AN UPDATE ON THE IKKUMA ARRANGEMENT

November 21, 2018

CALGARY, ALBERTA — November 21, 2018Pieridae Energy Limited (“Pieridae”) (PEA - TSXV) is pleased to announce that it has filed its third quarter unaudited condensed interim financial statements and related management’s discussion and analysis (“MD&A”) for the three- and nine-month periods ended September 30, 2018. Pieridae is a reporting issuer or the equivalent in British Columbia, Alberta and Québec. It is listed on the TSX Venture Exchange under the symbol PEA. Pieridae's unaudited condensed interim financial statements and MD&A are available on our website at www.pieridaeenergy.com, and are filed on SEDAR at www.sedar.com.

Selected Q3 Financial Results:

 

For the three months ended

September 30

For the nine months ended

September 30

($000s, except per share amounts)

2018

2017

2018

2017

Net loss attributable to equity holders

(20,368)

(2,131)

(26,021)

(5,761)

Basic and diluted net loss per share

(0.40)

(0.06)

(0.51)

(0.17)

 

 

 

 

 

 

 

As at

September 30, 2018

As at

December 31, 2018

Cash & Cash Equivalents

12,683

21,238

Working capital

 

(52)

10,379

Total assets

 

52,315

74,045

Total liabilities

 

16,991

14,683

Equity

 

35,324

59,362

 

 

 

Aquistion of Ikkuma Resource Corp. (Ikkuma):

On November 13, 2018 Pieridae and Ikkuma entered an Arrangement Agreement Amending Agreement (the Amendment). This Amendment has been filed on the Pieridae’s SEDAR profile. In addition, on November 13, 2018 Ikkuma received an interim order from the Court of Queen’s Bench of Alberta to move forward with obtaining Shareholders’ approval of the Arrangement. Ikkuma issued an information circular to its shareholders on November 19, 2018 which has been filed on Ikkuma’s SEDAR profile. The shareholders’ meeting to vote on the Arrangement is scheduled for December 17, 2018.

 

About Pieridae

Founded in 2011, Pieridae, a majority Canadian owned corporation based in Calgary, is focused on the development of integrated energy-related activities, from the exploration and extraction of natural gas to the development, construction and operation of the Goldboro LNG facility and the production of LNG for sale to Europe and other markets. Pieridae is on the leading edge of the re-integration of the LNG value chain in North America. Pieridae has 50,572,765 shares issued and outstanding which trade on the TSX Venture Exchange (PEA).

For further information please contact:

Alfred Sorensen, Chief Executive Officer

Telephone: (418) 657-1966

 

Melanie Litoski, Chief Financial Officer

Telephone: (418) 657-1966

 

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of
the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 

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