Dundee Resources Limited

September 01, 2011 09:07 ET

Dundee Resources Limited Acquires Interest in Base Oil & Gas Ltd.

TORONTO, ONTARIO--(Marketwire - Sept. 1, 2011) - In accordance with regulatory requirements, Dundee Resources Limited ("Dundee Resources") announces today that it has acquired 37,037,037 special warrants ("Special Warrants") of Base Oil & Gas Ltd. ("Base") at a price of $0.27 per Special Warrant pursuant to Base's previously announced private placement ("Private Placement"). Each Special Warrant will be exercisable into one common share of Base (a "Common Share") by the holder at any time after the Private Placement closing date for no additional consideration or will be deemed to be exercised in the circumstances set out in Base's press release. In addition, an affiliate of Dundee Resources has acquired 6,250,000 flow-through shares of Base at a price of $0.32 per flow-through share. In the aggregate, and following the deemed exercise of all Special Warrants issued under the Private Placement, these holdings represent an approximate 45.06% interest in Base.

The position in Base 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.


Dundee Resources is a wholly-owned subsidiary of Dundee Corporation (TSX:DC.A) and carries out Dundee Corporation's resource investments and initiatives.

Contact Information

  • Dundee Resources Limited
    Ned Goodman
    (416) 365-5665

    Dundee Resources Limited
    Murray John
    President and Chief Executive Officer
    (416) 365-5645