MONTREAL, Feb. 22, 2012 /CNW Telbec/ - The Caisse de dépôt et placement du Québec ("Caisse") announced that it subscribed, by way of a private placement, to 2,353,000 common shares of Storm Resources Ltd. [TSX-V: SRX] ("Storm") representing approximately 5.17% of Storm's currently outstanding common shares ("Common Shares"), at an average price of CA$3.40 per share for a total subscription amount of CA$8,000,200 ("Total Subscription Amount ").
The Caisse will be entitled to receive such Common Shares upon the completion by Storm of the acquisition of Bellamont Exploration Ltd., on or prior to April 15, 2012, or at a later date, without paying any additional consideration or taking further action. The Total Susbscription Amount will be held in escrow up to that date.
Prior to this subscription, the Caisse held 3,445,000 common shares of Storm and, following the subscription and the issuance of the Common Shares, the number of Storm's common shares held by the Caisse will be 5,798,000 or 12.73% of common shares outstanding.
This transaction was made for investment purposes and the Caisse could increase or decrease its investments in Storm, depending on market conditions or any other relevant factor.
For further information:
Caisse de dépôt et placement du Québec
1000, place Jean-Paul-Riopelle
Montréal, Québec H2Z 2B3