CALGARY, Sept. 5, 2012 /CNW/ - 1696416 Alberta Ltd. ("169 Alberta") reports that it has acquired ownership of 2,500,000 non-voting shares ("Skope Shares") of Skope Energy Inc. ("Skope").
The shareholdings acquired by 169 Alberta in Skope represent 100% of the outstanding non-voting shares of Skope. The non-voting shares of Skope are convertible into common shares of Skope on a one-for-one basis. On the basis of 5,578,281 common shares of Skope outstanding, if 169 Alberta converted the Skope Shares into common shares of Skope, Alberta 169 would own and control 2,500,000 of the common shares of Skope or approximately 30.9% of the common shares of Skope then outstanding.
169 Alberta has acquired the Skope Shares for investment purposes. 169 Alberta reserves the right to acquire additional securities of Skope in the future. The Skope Shares were transferred to 169 Alberta pursuant to the exemption from the prospectus requirement provided in Section 2.3 of National Instrument 45-106 and pursuant to the exemption from the take-over bid requirements provided in Section 4.2 of Multilateral Instrument 62-104 and Section 100.1 of the Securities Act (Ontario).
169 Alberta will be filing a report (as contemplated by National Instrument 62-103 - The Early Warning System and Related Takeover Bid and Insider Reporting Issues) in connection with its acquisition of the Skope Shares.
SOURCE: 1696416 Alberta Ltd.
For further information or to obtain a copy of the report, please contact Ryan Jennings, President, at (403) 294-0101.