Dual Exploration Inc.
TSX : DLX

Dual Exploration Inc.

November 30, 2006 18:42 ET

Cyries Energy Inc. Acquires Approximately 89% of Dual Exploration Inc.

CALGARY, ALBERTA--(CCNMatthews - Nov. 30, 2006) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Cyries Energy Inc. (TSX:CYS) ("Cyries") announced earlier today that it has acquired approximately 89% of the outstanding shares (calculated on a diluted basis) of Dual Exploration Inc. (TSX:DLX) ("Dual") in exchange for 0.167 of a Cyries share for each Dual share pursuant to its offer and takeover bid circular dated October 24, 2006.

The initial expiry time for the offer by Cyries to acquire the Dual common shares was 5:00 p.m. on November 29, 2006. All of the conditions to the offer by Cyries have been satisfied and Cyries has given instructions to the depositary to take up all of the Dual common shares deposited to the offer. Cyries will pay for such shares in accordance with applicable securities laws and the acquisition agreement between Cyries and Dual.

Cyries has extended its offer to 5:00 p.m. (Calgary time) on December 11, 2006 to allow additional time for the Dual shareholders who have not deposited their Dual common shares to tender their shares to the offer. Subsequent thereto, Cyries intends to acquire all of the remaining Dual common shares not deposited under the offer pursuant to the compulsory acquisition procedures, if available, or pursuant to a subsequent acquisition transaction, and to de-list the Dual common shares from the Toronto Stock Exchange.

All of the directors of Dual have resigned and have been replaced by nominees of Cyries.


Contact Information

  • Dual Exploration Inc.
    Donald F. Archibald
    Chairman & C.E.O.
    (403) 262-9609
    (403) 262-0055 (FAX)