TORONTO, Jan. 6 /CNW/ - Libra Advisors, LLC ("Libra"), announced today that it has acquired 11,765,000 subscription receipts ("Receipts") of Aztek Energy Ltd. ("Aztek") at a price of $0.17 per Receipt in connection with Aztek's private placement. Each Receipt entitles the holder to receive one common share in the capital of Aztek upon the completion of an arrangement agreement between Aztek and Spartan Exploration Ltd. ("Spartan").
Spartan and Aztek entered into an arrangement agreement (the "Agreement") dated November 26, 2009 pursuant to which Spartan will acquire all of the issued and outstanding common shares of Aztek by way of a plan of arrangement (the "Arrangement"). If the Arrangement is not completed by February 1, 2010, the Receipts will be redeemed by Aztek and holders of the Receipts will receive a cash payment equal to the subscription price of the Receipts and accrued interest.
If the Arrangement is completed by February 1, 2010, holders of the Receipts will receive, without payment or further action, one Aztek common share. Each Aztek common share will be exchanged under the Arrangement for Spartan common shares.
As a result of the acquisition, Libra now holds 11,765,000 common shares, representing approximately 12.8% of the outstanding common shares of Aztek.
Libra acquired these Receipts for investment purposes and may, from time to time, acquire additional securities of Aztek or dispose of such securities as it may deem appropriate.
Libra is the investment advisor to Libra Fund, LP and Libra Offshore Master Fund, LP with principal offices at 909 Third Avenue, 29th Floor, New York, NY 10022.
SOURCE LIBRA ADVISORS, LLC
For further information: For further information: Mr. Ranjan Tandon, Managing Member, at (212) 350-5125