Toscana Energy announces receipt for final prospectus

CALGARY, Jan. 16, 2013 /CNW/ - Toscana Energy Income Corporation (Toscana Energy or the Corporation) (TSX Venture: TEI) announces that it has received a receipt dated January 16, 2013 (the Receipt) for its final short form prospectus dated January 16, 2013 (the Final Prospectus) filed with the securities regulatory authorities in the provinces of British Columbia, Alberta, Saskatchewan, Manitoba and Ontario with respect to the qualification for distribution of an aggregate of 666,700 common shares in the capital of the Corporation (Common Shares) issuable pursuant to the exercise of an aggregate of 666,700 common share special warrants (the Special Warrants). The Special Warrants were previously issued on November 22, 2012 pursuant to an underwritten private placement of the Corporation which was led by GMP Securities L.P. and included Macquarie Capital Markets Canada Ltd., National Bank Financial Inc. and Sprott Private Wealth LP. In accordance with terms of the indenture governing the Special Warrants, each Special Warrant entitles the holder thereof to receive one Common Share on the exercise or deemed exercise of the Special Warrant. All unexercised Special Warrants will be deemed exercised without further action on the part of the holder on or before January 23, 2013, being five business days following the date of the Receipt.

Following the exercise or deemed exercise of the Special Warrants, Toscana Energy will have an aggregate of 3,865,397 Common Shares issued and outstanding.

About Toscana Energy Income Corporation

Toscana Energy Income Corporation is a conventional oil and gas producer with the mandate to acquire high quality, long life oil and gas assets including royalties, non-operated working interests and unitized production for yield and capital appreciation.  Toscana Energy Income Corporation is managed by Sprott Toscana through Toscana Energy Corporation. Sprott Toscana is a member of the Sprott Group of Companies.

About Sprott Toscana

Sprott Toscana (formerly Toscana Merchant Group) is a team of Calgary-based energy specialists that manage three separate businesses: Toscana Energy Income Corporation (through Toscana Energy Corporation), Toscana Financial Income Trust and Maple Leaf Energy Income LPs. In July 2012, Toscana Merchant Group joined the Sprott Group of Companies when it was acquired by Sprott Inc. (TSX: SII), Canada's leading alternative asset manager and a global leader in resource investing.

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 release.

SOURCE: Toscana Energy Income Corporation

For further information:

please visit our website at www.sprott-toscana.com or contact:

Joseph S. Durante, Chief Executive Officer
Tel: (403) 410-6793
Fax: (403) 444-0090
E-Mail: jdurante@toscanacapital.com