Iona Energy Inc. ("Iona") announced that its wholly owned UK subsidiaries, Iona Energy (UK) Company plc ("Iona UK") and Iona UK Huntington Limited ("Iona Huntington"), will commence insolvency procedures to protect the interests of all stakeholders. However, at this time Tom Reynolds and Iain McKendrick, will remain as directors of the UK subsidiaries for the time being in an attempt to maximize value for all creditors. All of the board of directors and officers of Iona have resigned effective November 24, 2015.