TORONTO, May 16 /CNW/ - Alange Energy Corp. (TSXV: ALE) announced today
that its board of directors has adopted a shareholder rights plan,
effective May 13, 2011. The objective of the rights plan is to ensure,
to the extent possible, that all shareholders of Alange Energy are
treated equally and fairly in connection with any initiative to acquire
control of the Company.
The rights plan is not intended to and will not prevent a take-over of
the Company. The purpose of the rights plan is to encourage a potential
bidder to make a "Permitted Bid", having terms and conditions designed
to meet the objectives of the rights plan, or to negotiate the terms of
an offer with the board of directors of Alange Energy. A Permitted Bid
is a take-over bid that is made to all holders of voting shares of the
Company (other than the bidder) for all of the voting shares held by
them, by way of a take-over bid circular prepared in compliance with
applicable securities laws, that remains open for acceptance by
shareholders of the Company for 60 days (or such shorter period of time
as may be approved by the board of directors of the Company from time
to time), and that satisfies certain other conditions.
The rights plan must be confirmed by shareholders within six months of
its effective date. The listing of the rights is subject to regulatory
acceptance by the TSX Venture Exchange.
Alange Energy is not aware of any specific take-over bid for the Company
that has been made or is contemplated.
A complete copy of the Rights Plan is available upon request.
Shareholders wishing to receive a copy of the Rights Plan should make
their request by telephone at (416) 360-7915, by email at email@example.com or by mail to Alange Energy Corp., 333 Bay Street, Suite 1100, Toronto,
Ontario M5H 2R2, Attention: Mr. Peter Volk. A copy of the Rights Plan
is also filed on SEDAR at www.sedar.com.
About Alange Energy Corp.
Alange Energy is a Canadian-based oil and gas exploration and production
company, with working interests in 19 properties in five basins in
Colombia. Further information can be obtained by visiting our website
This news release contains certain "forward-looking statements" and
"forward-looking information" under applicable Canadian securities laws
concerning the business, operations and financial performance and
condition of Alange Energy. Forward-looking statements and
forward-looking information include, but are not limited to, statements
with respect to estimated production and reserve life of the various
oil and gas projects of Alange Energy; the estimation of oil and gas
reserves; the realization of oil and gas reserve estimates; the timing
and amount of estimated future production; costs of production; success
of exploration activities; and currency exchange rate fluctuations.
Except for statements of historical fact relating to the company,
certain information contained herein constitutes forward-looking
statements. Forward-looking statements are frequently characterized by
words such as "plan," "expect," "project," "intend," "believe,"
"anticipate", "estimate" and other similar words, or statements that
certain events or conditions "may" or "will" occur. Forward-looking
statements are based on the opinions and estimates of management at the
date the statements are made, and are based on a number of assumptions
and subject to a variety of risks and uncertainties and other factors
that could cause actual events or results to differ materially from
those projected in the forward-looking statements. Many of these
assumptions are based on factors and events that are not within the
control of Alange Energy and there is no assurance they will prove to
be correct. Factors that could cause actual results to vary materially
from results anticipated by such forward-looking statements include
changes in market conditions, risks relating to international
operations, fluctuating oil and gas prices and currency exchange rates,
changes in project parameters, the possibility of project cost overruns
or unanticipated costs and expenses, labour disputes and other risks of
the oil and gas industry, failure of plant, equipment or processes to
operate as anticipated. Although Alange Energy has attempted to
identify important factors that could cause actual actions, events or
results to differ materially from those described in forward-looking
statements, there may be other factors that cause actions, events or
results not to be anticipated, estimated or intended. There can be no
assurance that forward-looking statements will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Alange Energy undertakes no obligation
to update forward-looking statements if circumstances or management's
estimates or opinions should change except as required by applicable
securities laws. The reader is cautioned not to place undue reliance on
Statements concerning oil and gas reserve estimates may also be deemed
to constitute forward-looking statements to the extent they involve
estimates of the oil and gas that will be encountered if the property
is developed. Boe may be misleading, particularly if used in isolation.
A boe conversion ratio of 6 mcf:1 bbl is based on an energy equivalency
conversion method primarily applicable at the burner tip and does not
represent a value equivalency at the wellhead. Estimated values of
future net revenue disclosed do not represent fair market value.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this news
SOURCE Alange Energy Corp.
For further information:
Ms. Miranda Smith