Tenergy Ltd.

Tenergy Ltd.

March 29, 2006 11:28 ET

FRQ Acquisition Corp. Completes Acquisition of Tenergy Ltd.

CALGARY, ALBERTA--(CCNMatthews - March 29, 2006) - Tenergy Ltd. (TSX:TGY) ("Tenergy") announced on March 29, 2006 that FRQ Acquisition Corp. ("FRQ"), as nominee of Quintana Canada Corp., has completed its takeover offer (the "Offer") for Tenergy. On March 14, 2006, FRQ announced that it was extending the Offer until 1:01 a.m. on March 28, 2006. Upon the expiry of this extension period, FRQ acquired an additional 415,525 common shares of Tenergy ("Tenergy Shares"), or 3.02% of the total outstanding Tenergy Shares. FRQ acquired a total of 12,586,151 Tenergy Shares pursuant to the Offer, amounting to 91.57% of the total outstanding Tenergy Shares.

After acquiring more than 90% of the outstanding Tenergy Shares, Tenergy has exercised its rights under the Business Corporations Act (Alberta) to compulsorily acquire the remaining Tenergy Shares that were not deposited to the Offer. Tenergy has also applied to have the Tenergy Shares delisted from the Toronto Stock Exchange and upon the acceptance of such application it will apply to provincial securities regulators to cease to be a reporting issuer under applicable securities laws.

Contact Information

  • Tenergy Ltd.
    Harvey Klingensmith
    President of Tenergy
    (403) 261-3378