Treherne Resources Ltd.

June 20, 2012 19:32 ET

Acquisition of Common Shares and Convertible Debenture of Donnycreek Energy Inc.

CALGARY, ALBERTA--(Marketwire - June 20, 2012) - Treherne Resources Ltd. ("Treherne"), a private company controlled by Clayton H. Riddell, reports that on June 15, 2012, it acquired ownership and control of 1,941,000 common shares of Donnycreek Energy Inc. ("Donnycreek"), issued on a "flow-through" basis, representing approximately 9.42% of Donnycreek's outstanding common shares, through a non-brokered private placement (the "Offering"). On June 20, 2012, Treherne acquired a redeemable, convertible, unsecured debenture of Donnycreek in the principal amount of Cdn $500,000 (the "Debenture"). Assuming the Debenture was converted to, or redeemed for, common shares on the date hereof, Treherne would own or control a total of 2,441,000 common shares of Donnycreek representing approximately 11.57% of Donnycreek's outstanding common shares after giving effect to such conversion.

The 1,941,000 common shares of Donnycreek were acquired by Treherne pursuant to the terms of the Offering. Pursuant to the Offering, Donnycreek issued an aggregate of Cdn $2,551,000.50 of flow-through common shares at a price of $0.85 per common share. The flow-through common shares and convertible debentures are subject to a four month hold period from the date of their issuance in accordance with applicable Canadian securities legislation. The total consideration paid by Treherne for the common shares acquired was $1,649,850 and $500,000 for the Debenture.

Treherne acquired the common shares of Donnycreek for investment purposes. The acquisition pursuant to the Offering was made in reliance on section 2.3 of NI 45-106. Mr. Riddell or entities controlled by him may increase or decrease ownership of, or control over, securities of Donnycreek depending on market conditions or any other relevant factor.

For further information, or to obtain a copy of the early warning report filed in connection with this matter, please contact Clayton H. Riddell.

Contact Information

  • Clayton H. Riddell
    4700 Bankers Hall West
    888 - 3rd Street S.W.
    Calgary, Alberta
    T2P 5C5
    403-290-3600