Columbus Energy Limited

May 19, 2009 15:46 ET

Columbus Energy Seeks Approval for Warrant Extension and Re-Pricing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 19, 2009) - Columbus Energy Limited ("the Company") (TSX VENTURE:CEL) announces that it is seeking regulatory approval to extend the term and reduce the price of 1,333,333 share purchase warrants issued by the Company on January 03, 2008. The term will be extended from the original term of two years expiring on January 03, 2010 to five years expiring on January 03, 2013. The exercise price will be reduced from $0.60 per share to $0.05 in the first year and $0.10 in the subsequent years. None of the warrants are held by insiders of Columbus Energy Limited.

The term of the warrant will be reduced to 30 days if the closing price of the Company shares is at a 25% premium to the exercise price of the warrant for any 10 consecutive trading days.

These warrants were originally issued as part of an 8,000,000 unit private placement at $0.05 per unit with a two year warrant allowing the holder to purchase an additional share at a price of $0.10 for a two year period ending January 03, 2010.

The six for one share consolidation effective September 10, 2008 reduced the number of warrants to 1,333,333 and the exercise price was increased to $0.60 per warrant share.

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

  • Columbus Energy Limited
    Douglas W. Scheving
    Director and Corporate Secretary
    1-604 684-7619
    1-604 684-7346 (FAX)