Peninsula Merchant Syndications Corp.

March 04, 2010 09:00 ET

Peninsula Merchant Syndications Corp. Acquires Position in Petromanas Energy Inc.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 4, 2010) - Peninsula Merchant Syndications Corp. ("Peninsula") is issuing this press release pursuant to the early warning requirements of applicable securities laws in Canada with respect to Petromanas Energy Inc. (the "Issuer" or "PMI-V").

Pursuant to a private placement, Peninsula has acquired 14,870,000 units of the Issuer (the "Units"), each Unit consisting of one common share of the Issuer (the "Common Shares") and one common share purchase warrant of the Issuer, exercisable at a price of CAD$0.45 per share until February 23, 2015. The Units were acquired for CAD$0.25 each.

In addition, pursuant to a private agreement, Peninsula has acquired outstanding common share purchase warrants of the Issuer to purchase up to a total of 7,000,000 common shares, exercisable at a price of CAD$0.26 per share until January 18, 2013.

Immediately following the above acquisitions, Peninsula owns or has the right to acquire 25,520,000 Common Shares, representing approximately 7.8% of the current outstanding Common Shares, warrants to purchase a further 21,870,000 Common Shares, representing approximately 6.2% of the outstanding Common Shares of the Issuer (assuming exercise of the 21,870,000 warrants held by Peninsula), and stock options of the Issuer (the "Options") to acquire a further 1,250,000 Common Shares, representing approximately 0.4% of the outstanding Common Shares of the Issuer (assuming exercise of the 1,250,000 Options). If all of the warrants and Options are exercised, Peninsula will own and control 48,640,000 Common Shares, representing approximately 13.8% of the outstanding Common Shares.

Peninsula acquired the securities for investment purposes. Peninsula may, depending on market and other conditions, acquire additional securities of the Issuer through market transactions, private agreements or otherwise. Peninsula may, depending on market conditions, sell any or all of its securities of the Issuer.

Peninsula Merchant Syndications Corp. is a private merchant bank controlled by Sam Magid.

Contact Information

  • For additional information, or for a copy of the early
    warning report filed in respect of the above transaction:
    Peninsula Merchant Syndications Corp.
    Rahim Rajwani
    Executive Vice-President
    (604) 689-9946