TORONTO, Sept. 4 /CNW/ - Alange Energy Corp. (TSXV: ALE) announced today
that the amount to be distributed by Prospero Hydrocarbons Inc. to Prospero
shareholders pursuant to the previously announced plan of arrangement
involving Alange Energy, Prospero and 1434858 Alberta Ltd., a wholly-owned
subsidiary of Alange Energy, has been finalized.
As reported in Alange Energy's news release of July 27, 2009, in
conjunction with the closing of the arrangement transaction, Prospero intends
to make a cash distribution to its shareholders (including Alange, Corp, a
wholly owned subsidiary of Alange Energy) as a return of capital. The amount
of the return of capital was subject to adjustment based on various factors,
but has now been determined to be the Canadian equivalent of US$7,315,955, or
approximately C$0.20 per Prospero common share. The parties to the arrangement
have amended the arrangement agreement and plan of arrangement to reflect the
finalized return of capital amount.
Completion of the transaction requires the approval of Prospero
shareholders and of the Court of Queen's Bench of Alberta. The Prospero
shareholders' meeting to consider the arrangement and the hearing to obtain
Court approval are both scheduled to be held on Tuesday, September 8, 2009.
Alange Energy is a Canadian-based oil and gas exploration and production
company, with working interests in five properties in Colombia.
Forward Looking Information
This news release contains forward-looking information with respect to
the completion of the arrangement transaction (including the return of
capital) and the Alange Energy common shares to be issued in connection with
the arrangement transaction, the Prospero shareholders meeting and the Court
hearing concerning the proposed arrangement. Although Alange Energy believes
that the assumptions and factors used in preparing the forward-looking
information in this news release are reasonable, undue reliance should not be
placed on such forward-looking information. No assurance can be given that
such results or events will occur in the disclosed time frames or at all.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this news release
For further information:
For further information: Michael Davies, Chief Financial Officer, (416)
360-4653, ext. 224