Midway Energy Ltd.

Midway Energy Ltd.

September 03, 2009 18:31 ET

Midway Energy Ltd. Announces Exercise of Series A Arrangement Warrants

CALGARY, ALBERTA--(Marketwire - Sept. 3, 2009) - Midway Energy Ltd. ("Midway" or the "Company") (TSX:MEL) is pleased to announce that the all of the series A arrangement warrants of Midway ("Arrangement Warrants") issued in connection with the recently closed plan of arrangement have been exercised resulting in the issuance of 4,468,287 class A common shares of Midway (the "Midway Shares") and Midway receiving aggregate proceeds from the exercise of the Arrangement Warrants of approximately $3 million.

The Arrangement Warrants entitled the holders thereof to acquire one Midway Share for each Arrangement Warrant held. In addition, holders of Arrangement Warrants who exercised their Arrangement Warrants in full were also entitled (the "Additional Subscription Right") to exercise Arrangement Warrants held by other warrantholders who did not exercise their Arrangement Warrants (the "Remaining Warrants"). Requests for Additional Subscription Right exceeded the number of Remaining Warrants available, resulting in each warrantholder who exercised the Additional Subscription Right receiving such holder's proportionate share of the 740,420 Remaining Warrants based on the number of Arrangement Warrants held by such holder divided by the total number of Arrangement Warrants held by all of the warrantholders who exercised their Additional Subscription Rights.

Information Regarding Midway

Midway is a public oil and gas exploration and development company, located in Calgary, Alberta and carrying out operations in Alberta and British Columbia. The Midway Shares currently trade on the Toronto Stock Exchange (TSX) under the symbol "MEL".

Additional information regarding Midway including its annual information form is available under the Company's profile at www.sedar.com.

Contact Information

  • Midway Energy Ltd.
    Mr. Scott Ratushny
    Chief Executive Officer
    (403) 216-2705
    Midway Energy Ltd.
    Mr. Ken Frankiw
    (403) 216-2705