TORONTO, Jan. 17, 2012 /CNW/ - Libra Advisors, LLC ("Libra") announced today that Libra Fund, L.P. and Libra Offshore Master Fund, L.P. (collectively, the "Funds") have acquired, pursuant to the completion of a plan of arrangement (the "Arrangement") among Storm Resources Ltd. ("Storm Resources") and Storm Gas Resources Corp. ("SGR"), a total of 2,593,500 common shares of Storm Resources in exchange for 1,950,000 common shares of SGR previously held by the Funds, representing approximately 6.80% of the total common shares of Storm Resources.
As a result of this Arrangement and together with securities previously held by the Funds, the Funds now own 6,094,037 common shares, representing approximately 15.98% of the total outstanding common shares of Storm Resources.
The Funds acquired the common shares for investment purposes and may, from time to time, acquire additional securities of Storm Resources or dispose of such securities as it may deem appropriate.
Libra is the investment advisor to the Funds and maintains its principal office at 777 Third Avenue, 27th Floor, New York, New York 10017.
For further information:
Mr. Ranjan Tandon, Managing Member, at (212) 350-5125.