AltaCanada announces private placement of convertible debenture



    
    /NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
    DISSEMINATION IN THE UNITED STATES/

    TSX-V SYMBOL: ANG
    

    CALGARY, April 28 /CNW/ - AltaCanada Energy Corp. (the "Corporation")
today announces a non-brokered private placement of a convertible debenture
(the "Convertible Debenture") in the principal amount of CDN$1,000,000 (the
"Private Placement"). The Convertible Debenture will yield an interest rate of
9% paid semi-annually, mature on January 30, 2011 (the "Maturity Date") and
convert to common shares ("Common Shares") of the Corporation at $0.10 per
share (the "Conversion Price"). Prior to the Maturity Date, upon the simple
average of the closing price per share for the Common Shares for any 10
consecutive trading days selected by the Corporation commencing not more than
60 trading days before such date on the TSX Venture Exchange becoming equal or
greater than $0.20 per Common Share (subject to the terms of the Convertible
Debenture) any principal amount remaining on such date shall be deemed to be
converted immediately in its entirety, into fully paid and non-assessable
Common Shares based on the Conversion Price. Proceeds from the Private
Placement will be used for corporate purposes. The Private Placement will be
subject to approval by the TSX Venture Exchange.
    Pursuant to the policies of the TSX Venture Exchange and Multilateral
Instrument 61-101 - Protection of Minority Security Holders in Special
Transactions ("MI 61-101"), the Private Placement is classified as a "related
party transaction" as James W. Collins, a director of the Corporation, will be
the sole subscriber for the Convertible Debenture.
    The Private Placement was approved by four of the five directors,   
James W. Collins having abstained from the vote. The directors who voted
determined that exemptions from the formal valuation and minority shareholder
approval requirements under MI 61-101, are available since the aggregate
consideration to be paid by James W. Collins is reasonable and does not exceed
25% of the market capitalization of the Corporation as at April 28, 2009.
Furthermore, the fair market value of the consideration paid by James W.
Collins in connection with the Private Placement is for an amount less than
$2,500,000.
    The closing of the Private Placement is expected to occur on or about May
5, 2009. Mr. Collins also owns or controls a $1,519,650 Convertible Debenture
that is convertible into Common Shares at $0.35 per share. Upon full
conversion of the two Convertible Debentures, James W. Collins would own or
control 29,041,305 Common Shares or 32.1% of the outstanding Common Shares.
Mr. Collins holds stock options exercisable for 245,000 Common Shares at an
average exercise price of $0.38 per share.

    The Corporation is engaged in the acquisition, exploitation and
production of crude oil and natural gas reserves in Western Canada and
Montana. For more information on the Corporation, visit www.altacanada.com.

    
    THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
    RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
    






For further information:

For further information: Don Foulkes, President & CEO, Telephone: (403)
265-9091 (ext 248), Fax: (403) 265-9021, Email: info@altacanada.com; Don
Jackson, Exec VP & COO, Telephone: (403) 265-9091 (ext 234), Fax: (403)
265-9021

Organization Profile

ALTACANADA ENERGY CORP.

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