VANCOUVER, June 24 /CNW/ - Peninsula Merchant Syndications Corp. ("Peninsula") is issuing this press release pursuant to the early warning requirements of applicable securities laws in Canada with respect to its acquisition of securities in Excelsior Energy Ltd. (the "Issuer").
Pursuant to a recently completed private placement, Peninsula and its joint actors have acquired, for an aggregate purchase price of CAD$3,000,000, 16,041,666 common shares of the Issuer at an average price of $0.19, 14,166,666 common share purchase warrants exercisable at a price of $0.30 each until June 14, 2013 and 1,875,000 common share purchase warrants exercisable at a price of $0.32 each until June 14, 2015.
Following the private placement, the common shares owned by Peninsula and its joint actors represent 5.72% of the issued and outstanding common shares of the Issuer. Assuming the exercise of their warrants, Peninsula would own 10.81% of the issued and outstanding common shares of the Issuer on a partially diluted basis.
The securities were acquired for investment purposes. While they do not intend to acquire further securities of the Issuer at this time, Peninsula and its joint actors, may in the future acquire or dispose of securities of the Issuer, through the market or otherwise, as circumstances or market conditions warrant.
Peninsula Merchant Syndications Corp. is a private merchant bank controlled by Sam Magid.
A copy of the early warning report being filed by Peninsula with the applicable securities regulators regarding the private placements will be available on SEDAR (www.sedar.com).
SOURCE PENINSULA MERCHANT SYNDICATIONS CORP.
For further information: For further information: or for a copy of the early warning report, please contact: Rahim Rajwani, Executive Vice-President, Peninsula Merchant Syndications Corp., Suite 1068, 550 Burrard Street, Vancouver, BC, V6C 2B5, Tel: (604) 689-9946