Ithaca Energy Inc.
AIM : IAE
TSX VENTURE : IAE

Ithaca Energy Inc.

April 18, 2011 09:21 ET

Ithaca Energy Inc.: Shareholding

LONDON, UNITED KINGDOM and CALGARY, ALBERTA--(Marketwire - April 18, 2011) - Ithaca Energy Inc. (TSX VENTURE:IAE)(AIM:IAE)

For filings with the FSA include the annex
For filings with issuer exclude the annex
TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES(i)
---------------------------------------------------------------------------
1. Identity of the issuer or the underlying issuer of
existing shares to which voting rights are attached:
ii                                                       Ithaca Energy Inc.
---------------------------------------------------------------------------
2 Reason for the notification (please tick the appropriate box or boxes):
---------------------------------------------------------------------------
An acquisition or disposal of voting rights                               X
----------------------------------------------------------------------------
An acquisition or disposal of qualifying financial instruments which may
result in the acquisition of shares already issued to which voting rights
are attached
----------------------------------------------------------------------------
An acquisition or disposal of instruments with similar economic effect to
qualifying financial instruments
----------------------------------------------------------------------------
An event changing the breakdown of voting rights
----------------------------------------------------------------------------
Other (please specify):
----------------------------------------------------------------------------
3. Full name of person(s) subject to
   the notification obligation: iii              Sprott Asset Management LP
----------------------------------------------------------------------------
4. Full name of shareholder(s)
  (if different from 3.):iv                                   See Section 9
----------------------------------------------------------------------------
5. Date of the transaction and date on which
   the threshold is crossed or reached: v                     April 7, 2011
----------------------------------------------------------------------------
6. Date on which issuer notified:                            April 14, 2011
----------------------------------------------------------------------------
7. Threshold(s) that is/are crossed
   or reached: vi, vii                                             Below 3%
----------------------------------------------------------------------------
8. Notified details:
----------------------------------------------------------------------------
A: Voting rights attached to shares viii, ix
----------------------------------------------------------------------------
          Situation
          previous
Class/    to
type      the                 Resulting situation after
of        triggering          the triggering transaction
shares    transaction
          ------------------------------------------------------------------
                              Number    Number of           % of
                              of        voting              voting
                              shares    rights              rights x
                              --------------------------------------
if                  Number
possible  Number    of
using the of        Voting                        Indirect
ISIN CODE Shares    Rights    Direct    Direct xi xii       Direct  Indirect
          ------------------------------------------------------------------
Ordinary
Shares    6,354,778 6,354,778 7,218,278           7,218,278         2.8%
----------------------------------------------------------------------------
B: Qualifying Financial Instruments
---------------------------------------------------------------------------
Resulting situation after the triggering
transaction
----------------------------------------------------------------------------
                                                Number of
                                                voting
                                                rights
                                                that
                                                may be
                                                acquired
                                                if
                                                the
                                                instrument
Type of                     Exercise/           is                   % of
financial  Expiration       Conversion          exercised/          voting
instrument date xiii        Period xiv          converted.          rights
----------------------------------------------------------------------------
C: Financial Instruments with similar economic effect to Qualifying
Financial Instruments xv, xvi
---------------------------------------------------------------------------
Resulting situation after the triggering
transaction
---------------------------------------------------------------------------
                                                 Number
                                                     of
                                Exercise/        voting
Type of                         Conversion       rights      % of
financial  Exercise  Expiration period       instrument      voting
instrument price     date xvii  xviii         refers to      rights xix, xx
                                                            Nominal   Delta
                                                            ---------------
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Total (A+B+C)
---------------------------------------------------------------------------
Number of voting              Percentage of
rights                        voting rights
---------------------------------------------------------------------------
7,218,278                     2.8%
---------------------------------------------------------------------------
9. Chain of controlled undertakings through which the voting rights
and/or the financial instruments are effectively held, if applicable: xxi
---------------------------------------------------------------------------
Sprott Asset Management LP is the portfolio manager acting on behalf of
the Sprott Canadian Equity Fund, Sprott Small Cap Equity Fund, Sprott
Bull/Bear RSP Fund, Sprott Hedge Fund L.P., Sprott Hedge Fund L.P. II,
Sprott Master Fund, Ltd., Sprott Master Fund II, Ltd., Sprott Small
Cap Hedge Fund, Sprott Opportunities Hedge Fund LP and certain Sprott
Managed Accounts.
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Proxy Voting:
---------------------------------------------------------------------------
10. Name of the proxy holder:
---------------------------------------------------------------------------
11. Number of voting rights proxy holder will cease to hold:
---------------------------------------------------------------------------
12. Date on which proxy holder will cease to hold voting rights:
---------------------------------------------------------------------------
---------------------------------------------------------------------------
13. Additional information:
---------------------------------------------------------------------------
14. Contact name:                                 Maggie Tang
----------------------------------------------------------------------
15. Contact telephone number:                     1-416-943-4072
                                                  mtang@sprott.com
----------------------------------------------------------------------
Note: Annex should only be submitted to the FSA not the issuer
Annex: Notification of major interests in shares xxii
---------------------------------------------------------------------------
A: Identity of the persons or legal entity subject to the notification
obligation
---------------------------------------------------------------------------
 Full name
 (including legal form of legal entities)        Sprott Asset Management LP
----------------------------------------------------------------------------
                                                200 Bay Street, Suite
 Contact address                                      2700, PO Box 27
 (registered office for legal entities) Royal Bank Plaza, South Tower
                                           Toronto, ON Canada M5J 2J1
---------------------------------------------------------------------------
Phone number & email
---------------------------------------------------------------------------
Other useful information
(at least legal representative for legal persons)
---------------------------------------------------------------------------
---------------------------------------------------------------------------
B: Identity of the notifier, if applicable
---------------------------------------------------------------------------
Full name 
---------------------------------------------------------------------------
Contact address
---------------------------------------------------------------------------
Phone number & email
---------------------------------------------------------------------------
Other useful information
(e.g. functional relationship with the
person or legal entity subject to
the notification obligation)
---------------------------------------------------------------------------
---------------------------------------------------------------------------
C: Additional information
---------------------------------------------------------------------------
---------------------------------------------------------------------------
For notes on how to complete form TR-1 please see the FSA website.

Contact Information

  • Pelham Bell Pottinger
    Philip Dennis
    Director
    Direct line: +44(0)20 7861 3919