Abellon Energy Inc.

September 02, 2011 13:55 ET

Abellon Energy Inc. Acquires Securities of Viridis Energy Inc

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 2, 2011) - Abellon Energy Inc. ("Abellon") acquired ownership and control of 4,086,513 units ("Units") of Viridis Energy Inc. ("Viridis") at a price of CDN$0.25 per Unit for an aggregate subscription price of CDN$1,021,628.25 pursuant to subscription by Abellon in a private placement offering of Units by Viridis. Each Unit comprises one common share of Viridis and one-half of one common share purchase warrant (a "Warrant"). Each whole Warrant entitles the holder to purchase one common share of Viridis at a price of CDN$0.40 per share on or before July 25, 2013 at the holder's absolute discretion, subject to certain acceleration rights.

Abellon owns and controls 4,086,513 common shares of Viridis, representing approximately 9.9% of its issued and outstanding common shares and, assuming the Warrants are exercised in full, 14% on a fully diluted basis.

Abellon acquired the Units for investment as well as to support its business activities. As announced by Viridis on August 3, 2011, Viridis and Abellon CleanEnergy Limited, an affiliate of Abellon and the flagship company of Abellon Group, have signed a strategic agreement. The collaboration of the two companies covers three facets of the business: a procurement and supply agreement for existing production, the proposed acquisition and development of the Monte Lake property, and a strategic investment in Viridis. Abellon may or may not purchase or sell securities of Viridis in the future on the open market or in private transactions, depending on market conditions and other factors material to Abellon's business decisions and reserves the right to dispose of any or all of its securities in the open market or otherwise, at any time and from time to time, and to engage in any hedging or similar transactions with respect to the securities. Abellon may seek to influence the strategic direction of Viridis, which may occur through discussions with representatives of Viridis or by influencing control of Viridis' board of directors or in any other lawful manner.

Abellon has filed an early warning acquisition report on SEDAR. A copy of the report may be obtained by contacting Vivek Rastogi at +1 732 647 5788 / +91 98258 66399

Contact Information

  • Vivo Rastogi
    +1 732 647 5788 / +91 98258 66399