PROPELL TECHNOLOGIES GROUP, INC. (OTCMKTS:PROP) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02.
On December 30, 2016, Propell Technologies, Inc. (the “Company”) received notice dated December 16, 2016 of the resignation of Maria Damianou from the Board of Directors. In accordance with the terms of the Certificate of Designations for the Company’s Series C Preferred stock, Ivan Persiyanov was appointed to fill the vacancy created by the resignation. Mr. Persiyanov is a current director of the Company appointed by the Series C Preferred stockholders and now holds three board votes.
There are no transactions involving Mr. Persiyanov that would require disclosure under Item 404(a) of Regulation S-K.
About PROPELL TECHNOLOGIES GROUP, INC. (OTCMKTS:PROP)
Propell Technologies Group, Inc. intends to be an oil exploration and production acquisition company. The Company intends to build a base of producing assets by using technology, including Plasma Pulse well treatment, which uses no acidization, hydrofracking or other chemicals. The Company’s segment is the Plasma Pulse Technology for the petroleum industry. Through its subsidiaries, Novas Energy USA, Inc. and Novas Energy North America, LLC (NENA), the Company intends to manage oil production using the Plasma Pulse Technology. The Plasma Pulse Technology is an Enhanced Oil Recovery methodology and process. The Plasma Pulse Technology utilizes a down-hole tool that is lowered into vertical wellbores to the perforated oil producing zone. The Plasma Pulse Technology is suitable for oil wells as deep as approximately 12,000 feet. NENA has the exclusive right to use the Plasma Pulse Technology for treatment of vertical wells in the United States. It intends to acquire producing oil fields. PROPELL TECHNOLOGIES GROUP, INC. (OTCMKTS:PROP) Recent Trading Information
PROPELL TECHNOLOGIES GROUP, INC. (OTCMKTS:PROP) closed its last trading session 00.0000 at 0.0260 with 50,730 shares trading hands.