Trapeze Capital Corp. and Trapeze Asset Management Inc. Announce Acquisition of Securities of Arapahoe Energy Corporation



    TORONTO, Dec. 31 /CNW/ - Trapeze Capital Corp. ("TCC") and Trapeze Asset
Management Inc. ("TAMI") announced today that they have acquired control or
direction over an aggregate of 40,000,000 "flow-through" common shares
("Flow-Through Shares") of Arapahoe Energy Corporation ("Arapahoe") at a price
of $0.125 per share and 32,000,000 units ("Units") at the price of $0.125 per
Unit. Each Unit will consist of one common share ("Common Share") and one
common share purchase warrant ("Warrant"). Each Warrant will entitle the
holder thereof to purchase one Common Share prior to December 28, 2008 upon
payment of the exercise price of $0.20 per Common Share.
    The Flow-Through Shares and Units were acquired pursuant to a private
placement offering.
    TCC, TAMI, and their affiliates now beneficially own or exercise control
or direction over an aggregate of 79,373,800 Common Shares, representing
approximately 39.7% of the issued and outstanding Common Shares. In addition,
TCC, TAMI, and their affiliates beneficially own or exercise control or
direction over debentures ("Debentures") convertible into 90,000,000 Common
Shares and Warrants exercisable into 62,000,000 Common Shares. If all of the
Debentures and Warrants held by them were converted and exercised,
respectively, TCC, TAMI, and their affiliates would beneficially own or
exercise control or direction over an aggregate of 231,373,800 Common Shares,
representing approximately 65.7% of the then issued and outstanding Common
Shares (on a partially diluted basis, i.e., assuming no Debentures and
Warrants were exercised by other holders).

    TCC and TAMI are Toronto-based portfolio management firms. TCC and TAMI
acquired the securities of Arapahoe on behalf of their respective managed
accounts for investment purposes. TCC, TAMI, and their affiliates reserve the
right to acquire further securities of Arapahoe depending on market conditions
and other relevant factors.

    The common shares of Arapahoe trade on the TSX Venture Exchange.

    An early warning report in respect of the above noted transactions will
be filed on SEDAR. A copy of this report and further information can be
obtained from:

    Randall Abramson, President
    Trapeze Capital Corp.
    22 St. Clair Avenue East, 18th Floor, Toronto, ON, M4T 2S3
    (416) 361-1498





For further information:

For further information: Randall Abramson, Chief Executive Officer,
Trapeze Asset Management Inc., 22 St. Clair Avenue East, 18th Floor, Toronto,
ON, M4T 2S3, (416) 861-0774

Organization Profile

TRAPEZE CAPITAL CORP.

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