Daniel A. Carriere

June 04, 2013 09:19 ET

Daniel A. Carriere: Early Warning Report

VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 4, 2013) - Mr. Daniel A. Carriere announces that he has acquired beneficial ownership of: (i) a total of an additional 428,900 common shares (the "Shares") in the capital of Terrace Energy Corp. ("Terrace") through the facilities of the TSX Venture Exchange; and (ii) convertible notes in the aggregate principal amount of $2,440,000 (the "Notes"), which are convertible into common shares of Terrace on the basis of $2.00 of outstanding principal amount for one common share (the "Conversion Rate") for a total of 1,220,000 common shares if the entire principal amount of the Notes is converted.

The volume weighted average purchase price for the Shares was $1.44. The Shares and the Notes represent 2.56% of Terrace's issued and outstanding common shares calculated on a partially-diluted basis assuming the conversion of the entire principal amount of the Notes into 1,220,000 common shares of Terrace.

After giving effect to the acquisitions referred to above, Mr. Carriere beneficially owns a total of 11,120,276 common shares of Terrace and the Notes, and he owns and controls stock options exercisable to purchase an aggregate of 250,000 common shares of Terrace, which collectively represent 17.63% of Terrace's issued and outstanding common shares on a non-diluted basis or 19.41% of Terrace's issued and outstanding common shares calculated on a partially-diluted basis assuming the conversion of the entire principal amount of the Notes into 1,220,000 common shares of Terrace and the exercise of the stock options beneficially owned by Mr. Carriere that have vested or will vest within 60 days following the date hereof.

Mr. Carriere acquired the Shares and the Notes for investment purposes. He intends to evaluate his investment in Terrace and to increase or decrease his beneficial shareholdings from time to time as he may determine appropriate for investment purposes.

A copy of the early warning report filed on SEDAR by Mr. Carriere may be obtained by contacting Murray Oliver, a director of Terrace at (604) 687-0008.

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

  • Daniel Carriere
    (604) 687-0008
    Suite 270, 666 Burrard Street
    Vancouver, British Columbia
    V6C 2X8