GEORGETOWN, GRAND CAYMAN, CAYMAN ISLANDS, April 24, 2012 /CNW/ - Meridian Capital International Fund ("Meridian") announced today that it has been issued 1,672,012 common shares ("Shares") of Caspian Energy Inc. (the "Corporation") and 836,007 warrants to purchase Shares by the Corporation in satisfaction of the quarterly interest payment due to Meridian on the $9,343,371 aggregate principal amount of convertible debentures ("Debentures") of the Corporation held by Meridian.
Meridian, together with its joint actor, now owns 18,835,387 Shares, 2,809,695 warrants to purchase Shares and US$9,343,371 aggregate principal amount of Debentures. Assuming exercise of the warrants and conversion of the debentures at the conversion price of C$0.28 (and assuming an exchange rate of Cdn$1= US$1.009), Meridian, together with its joint actor, will own 54,716,620 Shares, representing 21.07% of the Shares.
Meridian was issued the Shares pursuant to the terms governing the Debentures. Meridian and/or its joint actor may increase or reduce its investment in the Corporation according to market conditions or other relevant factors.
This news release is being issued pursuant to National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues of the Canadian Securities Administrators.
A copy of the early warning report in respect of this acquisition will be available at www.sedar.com.
For further information:
For additional information, or for a copy of the early warning report filed in respect of the above, please contact:
Meridian Capital International Fund
Tel: +44 20 7494 6060
Email: [email protected]