TRIPLE 8 ENERGY LTD.
TSX VENTURE : TEE

December 29, 2009 14:54 ET

Tarik Elsaghir Acquires Securities of Triple 8 Energy Ltd.

CALGARY, ALBERTA--(Marketwire - Dec. 29, 2009) -  

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE U.S.

Mr. Tarik G. Elsaghir, the Chief Financial Officer and a director of Triple 8 Energy Ltd. (the "Corporation"), has acquired control and direction over 880,000 common shares ("Common Shares") of the Corporation (representing 16.64% of the outstanding Common Shares), 380,000 Common Share purchase warrants ("Warrants") and options to acquire 264,000 Common Shares pursuant to the transactions described below. If the Warrants and options are exercised, Mr. Elsaghir will own 1,524,000 Common Shares (representing 25.68% of the outstanding Common Shares).

On July 7, 2008, Mr. Elsaghir acquired 380,000 units ("Units") of the Corporation at a price of $0.37 per Unit pursuant to a private placement (the "Private Placement"). Each Unit consisted of one Common Share and one Warrant, with each Warrant entitling the holder thereof to purchase one Common Share at an exercise price of $0.55 per Common Share. The Common Shares and Warrants acquired by Mr. Elsaghir pursuant to the Private Placement represented 13.40% of the outstanding Common Shares (assuming Mr. Elsaghir exercised all of the Warrants acquired under the Private Placement). Immediately subsequent to the Private Placement, Mr. Elsaghir owned 810,000 Common Shares (representing 15.31% of the outstanding Common Shares) and 380,000 Warrants.

In addition, Mr. Elsaghir completed the following open market purchases of Common Shares through the facilities of the TSX Venture Exchange: (i) on September 11, 2008, Mr. Elsaghir acquired 5,000 Common Shares at a price of $0.35 per share; (ii) on October 31, 2008, Mr. Elsaghir acquired 5,000 Common Shares at a price of $0.20 per share; and (iii) on November 27, 2008, Mr. Elsaghir acquired 60,000 Common Shares at a price $0.155 per share (collectively, the "TSXV Purchases"). The Common Shares acquired by Mr. Elsaghir pursuant to the TSXV Purchases represented 1.32% of the outstanding Common Shares. Immediately subsequent to the TSXV Purchases, Mr. Elsaghir owned 880,000 Common Shares (representing 16.64% of the outstanding Common Shares).

On June 2, 2008, the Corporation granted Mr. Elsaghir options to acquire 164,000 Common Shares at an exercise price of $0.465 per share and on August 25, 2008, the Corporation granted Mr. Elsaghir options to acquire 100,000 Common Shares at an exercise price of $0.335 per share (collectively, the "Option Grants"). The Common Shares issuable under the Option Grants represent 4.75% of the outstanding Common Shares.

Mr. Elsaghir acquired the securities under the Private Placement and the TSXV Purchases for investment purposes only and may, depending on market and other conditions, increase or decrease his beneficial ownership, control or direction over, or exercise his rights to acquire Common Shares through market transactions, private agreements or otherwise.

Mr. Elsaghir filed an Early Warning Report with the British Columbia and Alberta Securities Commissions in respect of these transactions. Copies of the report may be obtained from SEDAR under the Corporation's SEDAR profile at www.sedar.com or without charge from Mr. Elsaghir.

Contact Information

  • Triple 8 Energy Ltd.
    Tarik G. Elsaghir
    (403) 269-3091