Primeline Energy Holdings Inc.

April 21, 2010 15:36 ET

Primeline Energy Holdings Inc. Chairman Obtains Rights

HONG KONG, CHINA--(Marketwire - April 21, 2010) - Further to disclosure requirements of applicable securities laws, Mr. Victor Hwang of Hong Kong Parkview, 88 Tai Tam Reservoir Road, Hong Kong, reports that, pursuant to a rights offering (the "Offering") by Primeline Energy Holdings Inc. (the "Company") pursuant to a short form prospectus dated April 1, 2010, he, either directly or through Primeline International Holdings Inc. ("PIHI") (a private company of which Mr. Hwang is the sole shareholder) acquired ownership and control for no consideration of 22,174,011 rights entitling him to purchase 22,174,011 common shares of the Company at a price of Cdn. $0.50 per share until May 6, 2010.

Mr. Hwang has ownership and control of a total of 44,348,022 common shares, either directly or through PIHI, representing 65.15% of the Company's issued and outstanding common shares on a partially diluted basis (assuming exercise of 22,174,011 rights and 2,100,000 options). On a non-diluted basis, Mr. Hwang has ownership and control of 22,174,011 common shares, representing 47.17% of the Company's issued and outstanding common shares.

Mr. Hwang acquired the rights pursuant to the Offering, and intends to exercise them in full to acquire common shares for investment purposes. In the future, Mr. Hwang may or may not purchase or sell securities of the Company on the open market or in private transactions, depending on market conditions and other factors material to Mr. Hwang's investment decisions.

This press release is issued pursuant to Section 5.2(2) of Multilateral Instrument 62-104, which also requires a report to be filed with regulatory authorities containing additional information with respect to the foregoing matters (the "Early Warning Report"). A copy of the Early Warning Report will appear with the Company's documents on the SEDAR website, at www.sedar.com.

Victor Yiou-Hwa Hwang

Contact Information

  • For further information or to obtain a copy
    of the Early Warning Report, contact:
    Primeline Energy Holdings Inc.
    Andrew Biggs, Senior Vice President
    +44 207.499.2288 (FAX)
    +44 207.499.8888 or Toll Free: 1.877.818.0688
    IR@pehi.com
    or
    CHF Investor Relations
    Robin Cook
    Senior Account Manager
    +1 416.868.1079 ext. 228
    +1 416.868.6198 (FAX)
    robin@chfir.com