CALGARY, March 2, 2012 /CNW/ - Cequence Energy Ltd. ("Cequence" or the "Company") announces that it currently expects that certain previously issued warrants (the "Warrants") will be exercised earlier than anticipated. To facilitate such exercise, the Company has made application to the TSX to amend the terms of such Warrants, subject to the approval of the TSX.
The Warrants currently entitle the holder thereof to acquire 2.25 million common shares of the Company that will be issued on a "flow through" basis and entitle the purchaser to receive renunciations of Canadian development expenses at anytime from August 1, 2012 to the expiry date of August 15, 2012 at a price per share equal to a 10% premium to the 10 day volume weighted average trading price of the Cequence common shares on the TSX for the period July 18, 2012 to July 31, 2012, inclusive.
The Company and the warrantholder have agreed to amend the terms of the Warrants such that the Warrants have now been priced at a 10% premium to the 10 day volume weighted average trading price of the CQE shares on the TSX for the period February 6, 2012 to February 17, 2012, inclusive and expire on March 21, 2012. The Warrants are held by one investor that is not an insider of the Company.
Cequence is a publicly traded Canadian energy company involved in the acquisition, exploitation, exploration, development and production of natural gas and crude oil in western Canada. Further information about Cequence may be found in its continuous disclosure documents filed with Canadian securities regulators at www.sedar.com.
The TSX has neither approved or disapproved the contents of this news release.