Toscana L.P.

January 19, 2010 14:04 ET

Acquisition of Shares of Yangarra Resources Ltd. by Toscana L.P.

CALGARY, ALBERTA--(Marketwire - Jan. 19, 2010) - Toscana L.P. ("Toscana") announces that it has acquired in the aggregate 30,297,567 common shares and 991,031 preferred shares of Yangarra Resources Ltd. ("Yangarra") (TSX VENTURE:YAN) in connection with the conversion of a $4.95M debt owed by Yangarra to Toscana pursuant to the restructuring of Yangarra under the Bankruptcy and Insolvency Act (Canada).

The 30,297,567 common shares and 991,031 preferred shares acquired by Toscana represent approximately 16.21% and 99%, respectively, of Yangarra's issued and outstanding common shares and preferred shares. Toscana now owns and controls a total of 32,043,320 common shares and 991,031 preferred shares of Yangarra representing approximately 17.38% and 99% of the issued and outstanding common shares and preferred shares, respectively, of Yangarra.

The securities acquired by Toscana are for investment purposes only. Toscana has no present intention of acquiring additional securities, although it may in the future increase or decrease its ownership interest in Yangarra from time to time depending upon the business and prospects of Yangarra and future market conditions.

An early warning report will be filed on SEDAR and will be available for review at www.sedar.com under Yangarra's profile.

Contact Information

  • Toscana Capital Corporation
    Brian Mellum
    Managing Director
    (403) 410-6793
    or
    Toscana Capital Corporation
    Joseph Durante
    Managing Director
    (403) 410-6793