Standard Exploration Ltd

Standard Exploration Ltd

March 02, 2012 09:00 ET

Acquisition of Shares of Standard Exploration Ltd.

CALGARY, ALBERTA--(Marketwire - March 2, 2012) - Further to disclosure requirements of applicable securities laws, Mr. Ron Brimacombe (the "Shareholder") of Calgary, Alberta reports that on February 28, 2012 he purchased 3,200,000 units ("Units") of Standard Exploration Ltd. ("Standard") (TSX VENTURE:SDE) through a private placement transaction (the "Transaction") at a price of $0.16 per Unit. Each Unit is comprised of one common share of Standard (a "Common Share") and one-half of one common share purchase warrant (each a "Warrant"). Each whole Warrant is exercisable to purchase one Common Share at a price of $0.23 for a period of one year from the date of the Transaction. The Common Shares are listed on the TSX Venture Exchange.

Prior to the Transaction, the Shareholder owned or controlled 1,750,000 Common Shares and 800,000 Warrants; 1,250,000 Common Shares were registered in the name of the Shareholder and 500,000 were registered in the name of the Shareholder's wholly owned corporation, 411209 Alberta Ltd. Following completion of the Transaction, the Shareholder now beneficially owns and has control over 4,950,000 Common Shares representing approximately 7.8% of the issued and outstanding Common Shares of Standard on a non-diluted basis, and 2,400,000 Warrants representing approximately 10% of the issued and outstanding Warrants. If the Shareholder were to exercise all of his Warrants, he would hold a total of approximately 11.6% of the issued and outstanding Common Shares of Standard on a diluted basis.

The securities were acquired for investment purposes. The Shareholder does not have any present intention to acquire ownership of, or control over, additional securities of Standard. It is the intention of the Shareholder to evaluate its investment in Standard on a continuing basis and such holdings may be increased or decreased in the future.

The Units issued pursuant to the Transaction were distributed pursuant to the exemptions from the prospectus and registration requirements set out in section 2.3 of National Instrument 45-106 - Prospectus and Registration Exemptions.

Contact Information

  • Standard Exploration Ltd.
    Ronald P. Wiebe
    President & CEO