CORRECTION FROM SOURCE: Redcliffe Completes Acquisition of First Western Financial Ventures Inc.
February 10 2009 - 5:04PM
Marketwired Canada
THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO U.S. PERSONS.
Redcliffe Exploration Inc. ("Redcliffe") (TSX VENTURE:RXP.A) (TSX VENTURE:RXP.B)
wishes to announce a correction to its previous news release in connection with
the acquisition of First Western Financial Ventures Inc. ("FWF") ") for cash and
shares (the "Acquisition"). Under the terms of the Acquisition, Redcliffe
acquired all of the 8,800,000 issued and outstanding common shares of FWF in
exchange for $22,500 cash and 3,361,800 Class A shares of Redcliffe (instead of
8,620,000 Class A shares as previously announced). The net assets acquired
consist of working capital - cash and cash equivalents less accounts payable and
accrued liabilities, before transaction costs incurred by FWF - of approximately
$1.65 million. In connection with the closing of the Acquisition, Redcliffe paid
Jennings Capital Inc. a fee of $65,000.
Redcliffe is a Calgary, Alberta based company engaged in the exploration for,
and development and production of conventional crude oil and natural gas
reserves in western Canada. Redcliffe's strategy is to build shareholder value
through internally generated exploration and development drilling, and through
selective acquisitions. Redcliffe's primary area of operational focus is the
Peace River Arch with development activity in the Pembina area of Alberta.
Forward-Looking Statements: This news release contains statements about future
events that are forward looking in nature and, as a result, are subject to
certain risks and uncertainties such as changes in plans or the occurrence of
unexpected events. Actual results may differ from the estimates provided by
management.
Redcliffe Exploration Inc. (TSXV:RXP.A)
Historical Stock Chart
From Jul 2024 to Aug 2024
Redcliffe Exploration Inc. (TSXV:RXP.A)
Historical Stock Chart
From Aug 2023 to Aug 2024