Dual Exploration Inc.
TSX : DLX

Dual Exploration Inc.

December 12, 2006 09:30 ET

Cyries Energy Inc. Completes Acquisition of Dual Exploration Inc.

CALGARY, ALBERTA--(CCNMatthews - Dec. 12, 2006) -

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

Dual Exploration Inc. ("Dual") (TSX:DLX) announces today that Cyries Energy Inc. ("Cyries") (TSX:CYS) has acquired an additional 4.2% of the outstanding shares (calculated on a diluted basis) of 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.

On November 29, 2006, Cyries acquired approximately 89% of the outstanding Dual shares (calculated on a diluted basis) and extended the expiry time for the offer to 5:00 p.m. on December 11, 2006.

The offer has now expired and Cyries has given instructions to the depositary to take up all of the Dual 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 intends to immediately acquire all of the remaining Dual shares not deposited under the offer pursuant to the compulsory acquisition procedures of the Business Corporations Act (Alberta) and to de-list the Dual shares from the Toronto Stock Exchange. All of the directors and officers of Dual previously resigned and were replaced by nominees of Cyries.


Contact Information

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