CALGARY, April 29, 2014 /CNW/ - Caracal Energy Inc. ("Caracal" or the "Company") (LSE:CRCL) announces that Glencore International AG ("Glencore") a
subsidiary of Glencore Xstrata plc has disclosed that on April 28, 2014
it acquired, through a subsidiary 8682321 Canada Inc., 4,153,506 common
shares of Caracal Energy Inc. ("Caracal"), representing 2.83% of
Caracal's outstanding common shares. The acquisition brings Glencore's
total beneficial ownership, directly or indirectly, in Caracal to
18,939,420 common shares (representing approximately 12.35% of
Caracal's outstanding common shares assuming the conversion of
Glencore's US$40 million principal amount of Caracal convertible bonds
due September 2017 or approximately 8.4% of Caracal's outstanding
shares on a non-diluted basis). The acquired shares were purchased
through the facilities of the London Stock Exchange at a price of
GBP5.50 (C$10.18 per common share assuming exchange rate of 1:1.86).
The further acquisition of shares described above brings Glencore's
total acquisition of Caracal common shares since April 14, 2014 to
10,153,506 shares, representing 6.92% of Caracal's outstanding common
shares on a non-diluted basis. On April 14, 2014, Caracal entered into
an arrangement agreement (the "Arrangement Agreement") pursuant to
which Glencore, through a wholly-owned subsidiary, would acquire all of
the outstanding Caracal common shares at a price of GBP5.50 per common
share in cash pursuant to a plan of arrangement under the Canada
Business Corporations Act (the "Arrangement").
Pursuant to the Arrangement Agreement (as amended and restated on April
24, 2014) Glencore and affiliates are entitled to acquire additional
Caracal common shares through purchases over a stock exchange up to
8.6% of the outstanding Caracal common shares on a non-diluted basis.
(On April 24, the parties had agreed to increase the 4.1% to 8.6%.)
Between April 14, 2014 and April 25, 2014 Glencore acquired 6,000,000
common shares of Caracal.
Glencore intends to vote the Caracal common shares acquired and all
other shares owned by Glencore, directly or indirectly, in favour of
the Arrangement at the special meeting of Caracal shareholders at which
the Arrangement is voted upon. Glencore may acquire additional Caracal
common shares to the extent permitted by the Arrangement Agreement. A
copy of the Early Warning Report in respect of the acquisition
described above will be filed with the applicable securities
commissions and can be found on the SEDAR website at www.sedar.com.
About Caracal Energy Inc.
Caracal Energy Inc. is an international exploration and development
company focused on oil and gas exploration, development and production
activities in the Republic of Chad, Africa. In 2011, the Company
entered into three production sharing contracts ("PSCs") with the
government of the Republic of Chad. These PSCs provide exclusive
rights, along with its partners, to explore and develop reserves and
resources over a combined area of 26,103 km2 in southern Chad. The PSCs
cover two world-class oil basins with oil discoveries, and numerous
The Company's shares trade on the London Stock Exchange under the symbol
SOURCE: Caracal Energy Inc.
For further information:
Caracal Energy Inc.
Gary Guidry, President and Chief Executive Officer
Trevor Peters, Chief Financial Officer
Longview Communications - Canadian Media Enquiries
Alan Bayless +1 604-694-6035
Joel Shaffer +1 416-649-8006
FTI Consulting - UK Media Enquiries
Ben Brewerton / Ed Westropp
+ 44 (0) 207 8313 3113