VANCOUVER, Feb. 29 /CNW/ - Gemini Energy Corp. ("Gemini") (GNI.TSX)
announces that the closing of the arrangement transaction (the "Arrangement")
with NRG Investments Inc. ("NRG") (NRGI.CNQ) is scheduled to occur prior to
the opening of markets on March 4, 2008. Pursuant to the Arrangement, NRG will
acquire 100% of the issued and outstanding shares of Gemini, as contemplated
in the arrangement agreement between NRG, Gemini, John R. Hislop ("Hislop")
and J. Bradley Windt ("Windt") dated August 29, 2007. The Arrangement was
originally announced by Gemini in news releases dated May 22, 2007,
September 4, 2007, October 2, 2007 and November 30, 2007.
As of 5.01 P.M. Eastern time March 3, 2008, NRG's shares are to be posted
for trading on the Toronto Stock Exchange under the changed name Bucking Horse
Energy Inc., new trading symbol BUC, and to commence trading on March 4, 2008
after closing of the Arrangement.
In connection with the Arrangement, on March 4, 2008 certain convertible
debentures issued by Gemini are to be converted by the securityholders and
certain convertible debentures issued by Gemini are to be assumed by NRG. NRG
will also issue new convertible debentures as part of the Arrangement.
The share purchase transaction between Gemini and Q Investments Ltd.
("QIL") (QI.TSXV) is also scheduled to close on March 4, 2008, prior to the
opening of markets. The share purchase transaction involves the sale of
12,000,000 common shares of Exxel Energy Corp. (EXX.TSXV) to QIL by Gemini for
total consideration of $15,040,800. This transaction was originally announced
on May 22, 2007 and September 4, 2007.
For further information:
For further information: Gordon Nielsen, (604) 669-1400