Desmarais Energy Corporation

February 10, 2012 13:35 ET

Doug Robinson Announces Acquisition of Additional Common Shares of Desmarais Energy Corporation

CALGARY, ALBERTA--(Marketwire - Feb. 10, 2012) -


Further to disclosure requirements of applicable securities laws, Doug Robinson both personally and through companies owned and controlled by him (being 323 Holdings Ltd and Nuteck Resources Ltd.), announces that he has acquired an aggregate of 8,765,475 common shares ("Common Shares") of Desmarais Energy Corporation (the "Issuer") in settlement of certain debts owed by the Issuer to Mr. Robinson (including 323 Holdings Ltd and Nuteck Resources Ltd.) pursuant to the Issuer's previously announced proposal under the Bankruptcy and Insolvency Act (Canada) ("BIA").

As a result of the acquisition of Common Shares referred to above, Doug Robinson now beneficially owns or controls 10,447,475 Common Shares and options to purchase of a further 100,000 Common Shares. The 10,447,475 Common Shares represent approximately 18% of the currently issued and outstanding Common Shares of the Issuer. If Mr. Robinson's options to purchase Common Shares are exercised in full, the additional 100,000 Common Shares issued, together with Mr. Robinson's direct, indirect or direction and control holdings of 10,347,475 Common Shares, would total 10,447,475 Common Shares, representing approximately 18.1% of the outstanding Common Shares of the Issuer (assuming no other Common Shares, other than the Common Shares issuable on exercise of the options held by Mr. Robinson had been issued from the date hereof).

Mr. Robinson acquired the Common Shares referred to herein for investment purposes. Mr. Robinson may in the future take such actions in respect of his holdings as he may deem appropriate in light of the circumstances then existing, including the purchase of additional Common Shares or other securities of the Issuer through open market purchases or privately negotiated transactions, or the sale of all or a portion of his holdings in the open market or in privately negotiated transactions to one or more purchasers.

A copy of Mr. Robinson's related early warning report has been filed with the applicable securities commissions.

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