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Borealis Exploration sells Share Assets to Borealis Holdings

GIBRALTAR, 27 September 2019 - Borealis Exploration Limited (OTC:BOREF) has sold its share assets to Borealis Holdings Ltd, an Isle of Man limited company. These assets include the shareholdings that ultimately control WheelTug plc, Chorus Motors plc, and other associated companies.

In a transaction intended to protect shareholder value, every BOREF share may be exchanged for one share in Borealis Holdings. The latter company is structured to ensure there is no dilution: the only allowed share issuances are for one-to-one exchanges for BOREF shares. Accordingly, the total number of shares of Borealis Holdings will be 5,000,000 in a single class. Any BOREF shares that are not exchanged before 27 September 2029, may also be redeemed for ten US dollars (US$10) per share plus interest from today at the rate of 2% per annum.

In the meantime, BOREF expects to remain quoted on the OTC Markets. The transaction is priced near the current market price for BOREF, which presently trading at its five-year high.

Information on the transaction, the rules and procedures for participating in share exchanges for Borealis Holdings, and the options open to them now and in the future are available to BOREF shareholders upon request. To learn more, email Borealis Exploration at conversion@borealis.gi with your contact details.

Forward-Looking Statement: http://www.borealis.gi/fwdlook.shtml


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Forward-Looking Statement may be found at http://www.borealis.gi/fwdlook.shtml
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