VGS Seismic Canada Inc.

VGS Seismic Canada Inc.

September 18, 2009 14:19 ET

VGS Seismic Canada Inc.: Approval of Plan of Arrangement, Plan of Arrangement Effective Date and Trading Halt

CALGARY, ALBERTA--(Marketwire - Sept. 18, 2009) - VGS Seismic Canada Inc. ("VGS" or the "Company") (TSX VENTURE:VGS) is pleased to announce that, at the Special Meeting of Shareholders held on September 17, 2009, the shareholders (a) approved the reduction of stated capital of VGS, (b) approved the plan of arrangement involving VGS and Plainfield Luxembourg S.a.r.l. ("Plainfield Luxembourg") (the "Plan of Arrangement") and (c) approved and ratified the arrangement agreement, dated July 17, 2009, between VGS and Plainfield Special Situations Master Fund Limited (the "Arrangement Agreement"), all as described in the Management Information Circular dated August 12, 2009. VGS effected the reduction of stated capital on September 17, 2009.

The Company is also pleased to announce that on September 18, 2009, the Court of Queen's Bench of Alberta granted final approval to the Plan of Arrangement.

The Plan of Arrangement is subject to certain conditions contained in the Arrangement Agreement which must be satisfied prior to the effective date of the Plan of Arrangement which is expected to be September 25, 2009 (the "Effective Date").

Trading in the VGS common shares on the TSX Venture Exchange shall be halted at the close of the market on September 24, 2009. The VGS common shares are expected to be de-listed from the Exchange subsequent to the Effective Date.

Under the Plan of Arrangement, on the Effective Date Plainfield Luxembourg will acquire all outstanding shares of VGS that it does not already own, at a purchase price of $0.06 per share.

Based in Calgary, Alberta, VGS Seismic Canada Inc. acquires and retains the ownership rights to digital seismic data for licensing to oil and natural gas exploration companies. The Company's data library is concentrated in British Columbia, Southern Alberta and Eastern Saskatchewan.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • VGS Seismic Canada Inc.
    David Mairs
    President and CEO
    (403) 984-5302
    VGS Seismic Canada Inc.
    Lorraine Myers
    Chief Financial Officer
    (403) 984-5319