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Corporate Update

December 11, 2017 – On December 8, 2017, Halio Energy Inc. (“Halio” or the “Company”) (TSXV – HOIL) received a notice from Trendwell West Inc (“Trendwell” or “Farmors”) in which Trendwell asserts that the Company is in breach of its existing farmout agreement with Trendwell on the grounds that the Company has failed to timely discharge certain financial obligations relating to lease maintenance payments made by Farmors. The notice of breach requests a payment of $6,964.55. Should Halio fail to satisfactorily cure this breach or otherwise resolve Trendwell’s concerns, the remedies available to the Farmors under the farmout agreement include the right to terminate the agreement.
The Company continues to work diligently with financiers to secure the funding to cure this breach and to secure sufficient funds to discharge its other financial obligations under the farmout agreement.
On December 8, 2017, Joseph Casabona resigned his positions of Chairman of the Board of Directors, Director, President and CEO of Company for health reasons. He has advised the board the he will continue to be available to assist the Company to facilitate its development. The Board wants to extend our sincere gratitude to Mr. Casabona for his guidance and support and for his willingness to continue to be of assistance in the future development of the Company.
Miodrag Andric, a Director of the Company, will replace Joseph Casabona as the interim President and CEO. The Company’s shares were halted on December 4, 2017 for failure to file its audit financials on time. Management is endeavouring to file it financials so that it can so that it can resume trading.
The Company continues to evaluate other projects to maximize shareholder value.