Day4 Energy Inc.

Day4 Energy Inc.

June 27, 2012 16:51 ET

Day4 Energy Inc. Announces Approval of Arrangement

BURNABY, BRITISH COLUMBIA--(Marketwire - June 27, 2012) - Day4 Energy Inc. ("Day4" or the "Company"), announces that at the annual and special meeting of the shareholders of the Company (the "Meeting") held today in Vancouver, its shareholders approved the previously announced Arrangement under the Business Corporations Act (British Columbia) among Day4, Day4 shareholders and 0941212 B.C. Ltd. ("094"), a company indirectly controlled by George Rubin (President and CEO of Day4) and Douglas Keast (Executive Vice-President and CFO of Day4). Under the Arrangement, Day4 will transfer all of its business, assets and operations to 094 in exchange for cash consideration of $500,000 and 094 will assume all of the liabilities of Day4.

The Arrangement required the approval by: (i) at least 66 2/3% of the votes cast by shareholders of the Company; and (ii) a majority of the disinterested holders of Day4 shares. Votes exceeding these thresholds were obtained.

The Notice of Hearing for the Final Order of the Supreme Court of British Columbia is anticipated to occur on June 29, 2012, or such other date as announced by the Company. Subject to court approval, closing of the Arrangement will occur forthwith.

Contact Information

  • Day4 Energy Inc.
    Rick Peterson
    Investor Relations
    (604) 296 0434