Eco Atlantic Announces Director Dealing

Source: www.gulfoilandgas.com 9/21/2022, Location: Africa

Eco (Atlantic) Oil & Gas Ltd. has been notified by Moshe Peterburg , Non Executive Chairman of the Company, that he has apparently been the victim of fraudulent activity concerning his personal trading account that resulted in the unauthorized sales by a broker of 1,224,749 common shares in Eco Atlantic ("Shares"), representing 0.36% of the issued and outstanding share capital of Eco Atlantic .

The sales took place between July 2021 and August 2022 in a series of small transactions. Mr Peterburg , as of today, continues to own 9,987,917 common shares in Eco, representing 2.9% of the issued and outstanding share capital of the Company.

The Company has been further informed by Mr Peterburg that the Shares sales were undertaken without his knowledge or authorization with the funds in the trading account also having been apparently misappropriated.

Mr Peterburg has advised the Company that the relevant authorities have commenced criminal proceedings against the stockbroker.


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