CALGARY, Sept. 5 /CNW/ - Cadence Energy Inc. ("Cadence") is pleased to
announce that following the acquisition by Barrick Gold Corporation
("Barrick") of over 94% of the common shares of Cadence (the "Cadence
Shares"), David Boone has been appointed as Cadence's new Chief Executive
Officer. Mr. Boone has more than 30 years of oil and gas industry operating
experience. Prior to joining Cadence, he held the position of Chief Operating
Officer and Executive Vice-President at PanCanadian Petroleum and President of
International and Offshore Operations at Encana Corporation. Most recently,
Mr. Boone was President of Escavar Energy, which he co-founded in 2003.
In accordance with the support agreement entered into by Barrick and
Cadence on July 20, 2008, the directors of Cadence resigned earlier today and
were replaced by nominees of Barrick. The board has also accepted the
resignations of certain Cadence officers and appointed additional officers.
As previously announced by Cadence on August 8, 2008, in connection with
Barrick's acquisition of control of Cadence, Cadence elected to adjust the
conversion rate and related conversion obligation of its 4.75% convertible
unsecured subordinated debentures due on June 30, 2012 (the "Cadence
Debentures") such that the Cadence Debentures would become convertible into
common shares (the "Barrick Shares") of Barrick following the effective date
of the change of control of Cadence. Accordingly, the Cadence Debentures have
become convertible into Barrick Shares at a rate of 18.81 Barrick Shares for
each $1,000 principal amount of Debentures (subject to further adjustment in
accordance with the indenture governing the terms of the Cadence Debentures).
In addition, Barrick has guaranteed the payment obligations of Cadence under
the Cadence Debentures pursuant to a supplemental indenture entered into today
by Cadence, Barrick and Computershare Trust Company of Canada, as trustee.
For further information:
For further information: Cadence Energy Inc., David Boone, President and
Chief Executive Officer, Phone (403) 290-3400