TORONTO, Sept. 9 /CNW/ - Alange Energy Corp. (formerly Cierra Pacific
Ventures Ltd.) (TSXV: ALE) is pleased to announce today that it has completed
the previously announced acquisition of Prospero Hydrocarbons Inc..
The acquisition of Prospero was effected through an amalgamation of
Prospero with a wholly-owned subsidiary of Alange Energy, pursuant to a plan
of arrangement. Under the arrangement transaction, Prospero shareholders
received 1.662 shares of Alange Energy for every Prospero share held at
closing. All options and warrants of Prospero were cancelled or exercised
prior to the closing, except for certain Prospero common share purchase
warrants exercisable at a price of $2.50 and expiring on April 15, 2010 which
will henceforth entitle the holders to purchase 1.662 common shares of Alange
Energy upon exercise of each such warrant. In addition, pursuant to the
arrangement transaction, former Prospero shareholders (including Alange
Energy's wholly-owned subsidiary, Alange, Corp.) are receiving a cash amount
of C$0.197 per Prospero share held by way of a return of capital. The plan of
arrangement was approved by Prospero shareholders and by the Court of Queen's
Bench of Alberta on September 8, 2009.
Alange Energy has approximately 603,937,228 common shares, issued and
outstanding, of which approximately 47,657,052 common shares were issued to
former Prospero shareholders upon closing. Alange Energy also has 30,250,000
common shares reserved for issuance pursuant to the exercise of stock options
and now has 1,441,213 common shares reserved for issuance pursuant to the
exercise of the former Prospero warrants that were not cancelled or exercised
prior to closing.
Alange Energy is a Canadian-based oil and gas exploration and production
company, with working interests in eleven properties in Colombia.
Neither 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 release
For further information:
For further information: Michael Davies, Chief Financial Officer, (416)
360-4653, ext. 224