Dundee Corporation
TSX : DC.A
TSX : DC.PR.A
TSX : DC.PR.B

Dundee Corporation
Dundee Energy Limited
TSX : DEN

Dundee Energy Limited

August 04, 2011 18:24 ET

Dundee Corporation and Dundee Energy Limited Announce Completion of Acquisition of Torque Energy Inc. by Dundee Energy

TORONTO, ONTARIO--(Marketwire - Aug. 4, 2011) - Dundee Corporation (TSX:DC.A)(TSX:DC.PR.A)(TSX:DC.PR.B) ("Dundee Corp." or the "Company") and Dundee Energy Limited (TSX:DEN) ("Dundee Energy") announce the completion of the acquisition of Torque Energy Inc. by Dundee Energy. In connection therewith and in accordance with regulatory requirements, Dundee Corp. announced that it has acquired, pursuant to a private placement, 7,243,280 common shares of Dundee Energy at a price of $0.83 per common share. In addition, Dundee Corporation tendered its interest in Torque Energy Inc. pursuant to the transaction and received 1,344,073 common shares of Dundee Energy. In aggregate, the Company now owns directly and indirectly an approximate 56.61% interest in Dundee Energy.

The position in Dundee Energy was acquired for investment purposes and may be increased or decreased in the future as considered appropriate in light of investment criteria, market conditions and other factors and in accordance with the provisions of applicable securities legislation.

Contact Information

  • Dundee Corporation
    Ned Goodman
    President and Chief Executive Officer
    (416) 365-5665

    Dundee Corporation
    Lucie Presot
    Vice President and Chief Financial Officer
    (416) 365-5157

    Dundee Energy Limited
    Jaffar Khan
    President and Chief Executive Officer
    (403) 264-4985