Dundee Acquisition Ltd. Announces Exercise and Closing of Over-Allotment Option

TORONTO, ONTARIO--(Marketwired - May 20, 2015) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRES OR DISSEMINATION IN THE UNITED STATES

Dundee Acquisition Ltd. (the "Company") announces that, further to the $100,000,000 initial public offering of class A restricted voting units ("Class A Restricted Voting Units"), which closed on April 21, 2015, the underwriters have exercised their over-allotment option ("Over-Allotment Option") to purchase an additional 1,230,000 Class A Restricted Voting Units of the 1,500,000 Class A Restricted Voting Units available under the Over-Allotment Option, at a price of $10.00 each. As a result of the exercise of the Over-Allotment Option, an aggregate of 11,230,000 Class A Restricted Voting Units have been issued and an aggregate of $112,300,000 has been deposited into an escrow account and will only be released upon certain prescribed conditions, as further described in the final prospectus dated April 14, 2015.

Concurrent with the exercise of the Over-Allotment Option, Dundee Corporation, sponsor of the Company, has purchased an additional 30,750 class B units ("Class B Units") in a private placement at an offering price of $10.00 per Class B Unit for an aggregate purchase price of $307,500. Each Class B Unit consists of one class B share ("Class B Share") and one-half of a warrant.

Following the exercise of the Over-Allotment Option, the Company's founders, which includes Dundee Corporation and the Company's independent directors, will own an aggregate of 2,915,187 Class B Shares. In addition, Dundee Corporation will own 430,750 Class B Units.

About Dundee Acquisition Ltd.

Dundee Acquisition Ltd. is a special purpose acquisition corporation formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or engaging in any other similar business combination with one or more businesses or assets.

About Dundee Corporation

Dundee Corporation is a public Canadian independent holding company listed on the Toronto Stock Exchange under the symbol "DC.A." Through its operating subsidiaries, Dundee Corporation is engaged in diverse business activities in the areas of its core competencies including investment advisory and corporate finance, energy, resources, agriculture, real estate and infrastructure. Dundee Corporation also holds, directly and indirectly, a portfolio of investments mostly in these core focus areas, as well as other select investments in both publicly listed and private companies.

Cautionary Statements

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as such term is defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.