CALGARY, Jan. 8, 2016 /CNW/ - On January 7, 2016, Matco Investments Ltd. ("Matco") acquired beneficial ownership and control of an aggregate of 349,731 common shares in the capital of Tesla Exploration Ltd. (the "Corporation") representing approximately 1.6% of the issued and outstanding common shares of the Corporation ("Common Shares"). The Common Shares were issued to Matco in partial consideration for Matco providing a guarantee in the amount of $2.5 million, in favour of the Corporation's lender, which becomes operative in certain circumstances. Immediately after the acquisition, Matco beneficially owns and controls an aggregate of 8,858,087 Common Shares, representing approximately 39.3% of the issued and outstanding Common Shares.
The acquisition of Common Shares by Matco was made for investment purposes. Matco may from time to time dispose of, or acquire, additional securities of the Corporation.
This press release is issued pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which also requires a report to be filed with regulatory authorities in each of the jurisdictions in which the Corporation is a reporting issuer containing information with respect to the foregoing matters (the "Early Warning Report"). A copy of the Early Warning Report will appear with the Corporation's documents on the System for Electronic Document Analysis and Retrieval and may be obtained upon request from Ryan Jennings at (403) 294-0101.
SOURCE Tesla Exploration Ltd.
For further information: Requests for information may be directed to Tesla Exploration Ltd.: Mr. Richard Habiak, President and CEO, (403) 216-0990; Mr. Graham Reid, Vice President and CFO, (403) 692-4602