PAN ORIENT ENERGY CORP. – COMPLETION OF ARRANGEMENT

CALGARY, AB, Aug. 25, 2022 /CNW/ – Pan Orient Energy Corp. (“Pan Orient“) (TSXV: POE) is pleased to announce the completion today of its arrangement, announced on June 6, 2022, under the Business Corporations Act (Alberta) (the “Arrangement“) involving Pan Orient, its wholly owned subsidiary, CanAsia Energy Corp. (“CanAsia“), Dialog Systems (Asia) Pte Ltd. (“DIALOG“) and its wholly owned subsidiary, 2432707 Alberta Ltd. (the “Purchaser“).

As a result of the Arrangement: (a) DIALOG, through the Purchaser, acquired all of the issued and outstanding Pan Orient shares, and Pan Orient continues to own Pan Orient’s Thailand business; (b) Pan Orient shareholders are entitled to receive, for each Pan Orient share held, a cash payment of USD $0.788 and one CanAsia share; and (c) CanAsia is a new public company with shares expected to be listed on the TSX Venture Exchange (“TSXV“) (subject to…