GRAND CAYMAN, July 14 /CNW Telbec/ - This press release is being
published in relation to an existing position in the securities of Wedge
Energy International Inc. (CNQ: WEGI) ("WEII") held by Firebird Global Master
Fund, Ltd. ("FGMF") and its joint actor, Firebird Global Master Fund II, Ltd.
("FGMF II") that had not previously been disclosed.
FGMF announces that following the completion of a "three-cornered"
amalgamation of 1272639 Alberta Ltd. (a wholly-owned subsidiary of WEII, then
known as Alyattes Enterprises Inc.) with Wedge Energy Inc. ("Wedge"), the
1,750,000 common shares previously held by FGMF and FGMF II in the share
capital of Wedge were converted into the same number of common shares in the
share capital of WEII. As well, the 550,000 warrants to acquire the same
number of shares in the share capital of Wedge held by FGMF and FGMF II prior
to the amalgamation were converted into the same number of warrants to
purchase common shares of WEII. Each whole share purchase warrant is now
exercisable into one common share of WEII. In addition, FGMF II later acquired
1,000,000 units of WEII by way of a private placement (the "Units"). Each Unit
consists of one common share in the share capital of WEII and one warrant to
purchase an additional common share in the share capital of WEII.
As a result, FGMF and FGMF II now own and control 2,750,000 common shares
of WEII and 1,550,000 warrants to acquire the same number of common shares in
the share capital of WEII, representing approximately 13.06% of the
outstanding common shares of WEII or, assuming the exercise of the
above-mentioned warrants, 19.03% of the outstanding common shares of WEII,
including the common shares deemed to be acquired pursuant to the exercise of
No consideration was paid to WEII for the 1,750,000 common shares and
550,000 warrants, other then the exchange of the Wedge common shares and
warrants. FGMF II paid an aggregate CDN$500,000 to acquire the Units at price
of CDN$0.50 per Unit.
The common shares, warrants and Units were acquired for passive
investment purposes. FGMF and FGMF II may, from time to time, acquire
additional securities of WEII, may continue to hold their present position or
may dispose of their securities.
FGMF is a contrarian portfolio equity fund that invests in markets
throughout the world.
This press release is being issued in order to comply with the disclosure
requirements under applicable securities legislation. This press release is
not an admission that FGMF or FGMF II own or control any described securities
or are joint actors with each other or anyone else.
For further information:
For further information: Mr. James Passin, Director Firebird Global
Master Fund, Ltd., (212) 698-9260, firstname.lastname@example.org