Dundee Corporation and Dundee Energy Limited Announce Completion of Acquisition of Torque Energy Inc. by Dundee Energy
August 04 2011 - 6:24PM
Marketwired
Dundee Corporation (TSX: DC.A)(TSX: DC.PR.A)(TSX: DC.PR.B) ("Dundee
Corp." or the "Company") and Dundee Energy Limited (TSX: DEN)
("Dundee Energy") announce the completion of the acquisition of
Torque Energy Inc. by Dundee Energy. In connection therewith and in
accordance with regulatory requirements, Dundee Corp. announced
that it has acquired, pursuant to a private placement, 7,243,280
common shares of Dundee Energy at a price of $0.83 per common
share. In addition, Dundee Corporation tendered its interest in
Torque Energy Inc. pursuant to the transaction and received
1,344,073 common shares of Dundee Energy. In aggregate, the Company
now owns directly and indirectly an approximate 56.61% interest in
Dundee Energy.
The position in Dundee Energy was acquired for investment
purposes and may be increased or decreased in the future as
considered appropriate in light of investment criteria, market
conditions and other factors and in accordance with the provisions
of applicable securities legislation.
Contacts: Dundee Corporation Ned Goodman President and Chief
Executive Officer (416) 365-5665 Dundee Corporation Lucie Presot
Vice President and Chief Financial Officer (416) 365-5157 Dundee
Energy Limited Jaffar Khan President and Chief Executive Officer
(403) 264-4985
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