Grove shareholders approve arrangement with Stratic

    VANCOUVER, April 18 /CNW/ - Stratic Energy Corporation ("Stratic")
(TSX-V: SE) and Grove Energy Limited ("Grove" or "Company") (TSX-V & AIM: GRV)
announce that at this morning's extraordinary meeting of Grove's shareholders
and optionholders, 99.95% of the Grove common shares and 100% of Grove options
that were represented and voted at the meeting were voted in favour of an
arrangement under which all Grove shareholders will exchange each of their
Grove common shares for 0.61879 of a voting common share of Stratic and all
Grove optionholders will exchange each option to acquire a common share of
Grove into an option to acquire 0.6189 of a Stratic voting common share. The
exercise price of each Grove option will be adjusted such that the exercise
price is increased to an adjusted exercise price in accordance with the terms
of the arrangement agreement. There were no dissenting Grove shareholders.
    The completion of the transaction remains subject to approval of the
Supreme Court of British Columbia as well as satisfaction or waiver of other
conditions. Application for the final court approval is scheduled to be heard
by the Supreme Court of British Columbia on Friday, 20 April 2007. If court
approval is obtained and other conditions to the closing are satisfied or
waived, it is intended that closing of the arrangement will occur during the
week of 23 April 2007 and the closing documents will be filed with the BC
Registrar of Companies upon which the arrangement will be effective and Grove
will become a wholly-owned subsidiary of Stratic.
    After the arrangement is effective, Stratic will apply to the TSX Venture
Exchange and the Alternative Investment Market to cause Grove's common shares
to cease trading and will make application to, or filings with, the British
Columbia, Alberta and Ontario Securities Commissions to have Grove cease to be
a reporting issuer.
    In order to exchange Grove common shares for Stratic shares, registered
Grove shareholders must complete the Letter of Transmittal sent to them on
27 March 2007 and surrender their Grove share certificates to the Depository,
Pacific Corporate Trust Company, 510 Burrard Street, 2nd Floor, Vancouver,
British Columbia V6C 3B9; Attention: Manager, Client Services.
    Non-registered Grove shareholders should contact their broker or
financial advisor for assistance in exchanging their Grove share certificates
for Stratic share certificates.
    If any Grove shareholders have questions about exchanging Grove shares
for Stratic shares they should contact Ms. Alex Gomez at +1 604 669 2099 or


    Per "Mark Bisland"               Per "Anthony Hawkshaw"

    Completion of the proposed transaction is subject to a number of
conditions including but not limited to TSX Venture Exchange approval of the
issuance of Stratic common shares. The proposed transaction cannot close until
the required approvals are obtained. There can be no assurance that the
proposed transaction will be completed as proposed, or at all.
    Investors are cautioned that, except as disclosed in the information
circular prepared in connection with the transaction, any information released
or received with respect to the proposed transaction may not be accurate or
complete and should not be relied upon. Trading in the securities Grove should
be considered highly speculative.
    Neither the TSX Venture Exchange nor the AIM Market operated by the
London Stock Exchange plc approves nor disapproves of the information
contained herein. No Canadian securities regulatory authority has expressed an
opinion about the securities being offered. This press release is not an offer
of securities for the sale in the United States, United Kingdom, Canada, Japan
or Australia. The securities to be offered will not be registered under the
United States Securities Act of 1933, as amended (the "Securities Act"), or
applicable state securities laws, and may not be offered or sold in the United
States federal and state registration and qualification requirements.

For further information:

For further information: Kevin Watts, President and Chief Executive,
Stratic Energy Corporation, Web:, Tel: +44 20 7016 6421,
Fax: +44 20 7495 8544; Glenn Whiddon, Chairman, Grove Energy Limited, Web:, E-Mail:, Tel: (604) 669-2099, Fax:
(604) 943-3716; Rory Murphy, Strand Partners Limited, Tel: +44 (0) 207 409
3494; Peter Krens, Mirabaud Securities Limited, Tel: +44 (0) 207 878 3362;
Paul Newman, Westwind Partners (UK) Limited, Tel: +44 (0) 207 290 9713

Organization Profile


More on this organization


More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890