|By Marketwired .||
|October 9, 2013 07:35 PM EDT||
CALGARY, ALBERTA -- (Marketwired) -- 10/09/13 -- The following press release corrects and replaces the version issued earlier today at 6:18 pm EST. The figure 0.0105 should have read 0.105 in the first sentence of the third paragraph. The corrected release follows:
Sure Energy Inc. (TSX:SHR) ("Sure Energy" or the "Company") announces the successful completion of the previously announced acquisition by Tamarack Valley Energy Ltd. ("Tamarack") of all of the outstanding shares of Sure Energy pursuant to a plan of arrangement (the "Arrangement").
Pursuant to the Arrangement, the 96,200,000 subscription receipts of Sure Energy issued on September 5, 2013 converted into 96,200,000 common shares of Sure Energy ("Sure Energy Shares") and the proceeds from the sale of the subscription receipts were released from escrow.
In addition, pursuant to the Arrangement, the former holders of the Sure Energy Shares (including those received upon the conversion of the subscription receipts) received 0.105 of a common share of Tamarack ("Tamarack Shares") for each Sure Energy Share held, for an aggregate of approximately 16,461,966 Tamarack Shares. After giving effect to the Arrangement, Tamarack has approximately 46,168,718 common shares outstanding.
The common shares of Sure Energy are expected to be delisted from the Toronto Stock Exchange at the close of markets on or about on October 15, 2013. The Tamarack common shares to be issued to former holders of Sure Energy are expected to be listed for trading on the TSX Venture Exchange on or about on October 16, 2013.
This press release contains certain forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of applicable Canadian securities laws. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "believe", "plan", "potential", "intend", "objective", "continuous", "ongoing", "encouraging", "estimate", "expect", "may", "will", "project", "should", or similar words suggesting future outcomes. More particularly, this press release contains statements concerning the timing of delisting of the Sure Energy Shares from the Toronto Stock Exchange and listing for trading of Tamarack Shares issued to former shareholders of Sure Energy on the TSX Venture Exchange. The forward-looking statements contained in this document are based on certain assumptions and although management considers these assumptions to be reasonable based on information currently available to it, undue reliance should not be placed on the forward-looking statements because Sure Energy can give no assurances that they may prove to be correct. By their very nature, forward-looking statements are subject to certain risks and uncertainties (both general and specific) that could cause actual events or outcomes to differ materially from those anticipated or implied by such forward-looking statements.
The forward-looking statements contained in this press release are made as of the date hereof and Sure Energy does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, except as required by applicable law. The forward-looking statements contained herein are expressly qualified by this cautionary statement.
Tamarack Valley Energy Ltd.
President & CEO
Tamarack Valley Energy Ltd.
VP Finance & CFO