Antrim Energy Inc.

Antrim Energy Inc.

May 28, 2012 21:12 ET

Antrim Energy Announces Closing of the Sale of Antrim Argentina to Crown Point Ventures

CALGARY, ALBERTA and LONDON, UNITED KINGDOM--(Marketwire - May 28, 2012) -


Antrim Energy Inc. (TSX:AEN) (AIM:AEY) ("Antrim"), an international oil and gas exploration and production company, is pleased to announce the completion of the previously announced sale of Antrim Argentina S.A. to Crown Point Ventures Ltd. ("Crown Point") pursuant to a plan of arrangement (the "Arrangement") under Section 193 of the Business Corporations Act (Alberta). As previously announced, the Arrangement was approved by 99.78% of the votes cast by holders ("Antrim Shareholders") of common shares in the capital of Antrim "Antrim Shares") at the annual, general and special meeting of the Antrim Shareholders held on May 24, 2012. The Arrangement was also approved by the Court of Queen's Bench of Alberta on May 25, 2012.

Under the terms of the Arrangement, Antrim received a cash payment of $9,246,784 and 35,761,307 Crown Point Shares were issued by Crown Point and will be distributed to the Antrim Shareholders as described below. Each Antrim Shareholder as of the Distribution Record Date (as defined below) will be entitled to receive approximately 0.194 common shares in the capital of Crown Point ("Crown Point Shares") for each one (1) Antrim Share held by such Antrim Shareholder (subject to rounding).

Antrim's board of directors has confirmed the distribution record date for determining Antrim Shareholders entitled to the distribution of Crown Point Shares as June 4, 2012 (the "Distribution Record Date"). Subject to the issuance of a bulletin by the Toronto Stock Exchange, the Antrim Shares will commence trading on the Toronto Stock Exchange on an ex-distribution basis on May 31, 2012. It is anticipated that the Crown Point Shares will be distributed to the Antrim Shareholders on or about June 7, 2012.

Following the distribution of Crown Point Shares, registered Antrim Shareholders will receive a statement from Crown Point's transfer agent, Computershare Trust Company of Canada, confirming particulars of their ownership of Crown Point Shares in Computershare's Direct Registration System (DRS). Antrim Shareholders who do not hold Antrim Shares in their own names ("Beneficial Antrim Shareholders") should contact their broker for further details regarding the process by which the Crown Point Shares will be deposited into the accounts of Beneficial Antrim Shareholders.

Forward-Looking and Cautionary Statements

Some of the statements in this announcement may be forward-looking, including statements regarding the anticipated timing of the Distribution Record Date, the ex-distribution trading date, and the payment date in respect of the distribution of the Crown Point Shares. Forward-looking statements include statements regarding the intent, belief and current expectations of Antrim Energy Inc. When used in this announcement, the words "intend", "schedule", planned" and similar expressions are intended to identify forward-looking statements. Such statements are not promises or guarantees, and are subject to risks and uncertainties that could cause actual outcome to differ materially from those suggested by any such statements, including the risk that the date on which Antrim Shareholders receive the Crown Point Shares is delayed beyond June 7, 2012 for any reason. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. All such forward looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond Antrim's control.

Antrim's actual results could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that Antrim will derive therefrom. All subsequent forward-looking statements, whether written or oral, attributable to Antrim or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release.

Contact Information

  • Antrim Energy Inc.
    Stephen Greer
    President & CEO
    (403) 264-5111
    (403) 264-5113 (FAX)

    Antrim Energy Inc.
    Douglas B. Olson
    Chief Financial Officer
    (403) 264-5111
    (403) 264-5113 (FAX)

    Antrim Energy Inc.
    Scott Berry
    Manager, Investor Relations
    (403) 264-5111
    (403) 264-5113 (FAX)

    Nominated Adviser on AIM:
    RBC Capital Markets
    Martin Eales
    + 44 20 7029 7881