OILSANDS CANADA CORPORATION ANNOUNCES SHAREHOLDER APPROVAL OF AMENDMENTS TO
ITS ARTICLES, INCLUDING NAME CHANGE TO MIDDLEFIELD TACTICAL ENERGY
CORPORATION
TORONTO, Oct. 22 /CNW/ - Middlefield Limited (the "Manager"), the manager of OilSands Canada Corporation (the "Corporation"), is pleased to announce that at a special meeting of the holders of Equity Shares ("Shareholders") of the Corporation held today, over 85% of the Shareholders present in person or represented by proxy voted in favour of various amendments to the Corporation's articles, including changing its name to Middlefield Tactical Energy Corporation, broadening its investment mandate and accelerating the redemption date to November 30, 2010, all as more fully described in the Management Information Circular. By amending the articles of the Corporation, the Manager believes that it can better maximize shareholder value by:
- Capitalizing on attractive investment opportunities in the broader oil and gas sector - The Manager believes the Corporation's enhanced flexibility to tactically shift its asset allocation to oil and gas securities will enable it to more fully benefit from the oil and gas price forecasting expertise of its Special Advisor, Groppe, Long & Littell.
- Benefiting from the implementation of various trading strategies which are not core to the Corporation's current investment mandate - The Manager believes that broadening the Corporation's investment mandate will enable it to benefit from numerous special situation investment opportunities which offer the potential for higher risk-adjusted returns, including arbitrage trading and investments in issuers that the Manager believes to be near-term IPO candidates or acquisition targets.
- Enhancing the ability for the Corporation to generate gains in order to utilize its tax losses - As at August 31, 2010 the Corporation had approximately $16.3 million of capital loss carry forwards and $2.0 million of non-capital loss carry forwards. These losses may be used to shelter future income, thereby enhancing future returns to Shareholders.
The Corporation's shares are listed on the Toronto Stock Exchange under the symbol "OCF". For further information on the Corporation, please visit our website at www.middlefield.com or contact your financial advisor or the undersigned.
This press release contains forward-looking information. The forward-looking information contained in this press release is based on the Manager's assessment of the potential of the oil and gas sector and other special situation investment opportunities. Actual future results, including the performance of the Corporation, may differ. Specifically, the performance of the Corporation may vary significantly due to: changes in portfolio composition; changes in distributions and dividends paid by issuers of securities included in the Corporation's portfolio from time to time; there being no assurance that those issuers will pay distributions or dividends on their securities; the declaration of distributions and dividends by issuers of securities included in the portfolio will generally depend upon various factors, including the financial condition of each issuer and general economic and stock market conditions; and the uncertainty of realizing capital gains. The risks, uncertainties and other factors that could influence actual results are described under "Risk Factors" in the Corporation's prospectus dated July 24, 2007 and other documents filed by the Corporation with the Canadian securities regulatory authorities. The forwardlooking information contained in this press release constitutes the Corporation's current estimate, as of the date of this press release, with respect to the matters covered hereby. Investors and others should not assume that any forward-looking statement contained in this press release represents the Corporation's estimate as of any date other than the date of this press release.
For further information: For further information:
Nancy Tham
Managing Director, Sales and Marketing
416-847-5349
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