Lime Hill Capital Corporation
TSX VENTURE : LHL.P

April 15, 2011 20:08 ET

Lime Hill Capital Corporation: News Release

This press release is issued pursuant to Multilateral Instrument 62-104 - Take-Over Bids and Issuer Bids and National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues.

BRIDGETOWN, BARBADOS, WI--(Marketwire - April 15, 2011) - Oxbridge Bank & Trust SCC, a corporate body incorporated under the laws of Barbados, located at Ground Floor, Building Two, Chelston Park, Collymore Rock, St. Michael, Barbados, BB11000, on April 15, 2011, entered into agreements to acquire ownership of 2,000,000 escrowed shares in the capital of Lime Hill Capital Corporation (the "Issuer") (TSX VENTURE:LHL.P) subject to receipt of regulatory approval.

According to the terms of the share purchase agreements, the shares are subject to a Form 2F CPC Escrow Agreement and cannot be transferred without TSX Venture Exchange approval. The TSX Venture Exchange must approve the share transfer and after the transfer the shares will remain subject to the terms of the Form 2F CPC Escrow Agreement.

Following completion of the proposed acquisitions, Oxbridge Bank & Trust SCC will own and exercise control or direction over an aggregate 2,000,000 shares in the capital of the Issuer or approximately 21% of the outstanding common shares of the Issuer as at the date hereof prior to giving effect to the Issuer's previously announced proposed Qualifying Transaction and related financing.

The common shares will be acquired for investment purposes by Oxbridge Bank & Trust SCC through private share purchases at a per share price of $0.08. Oxbridge Bank & Trust SCC intends to evaluate these holdings and to increase or decrease the investment in the Issuer as circumstances warrant.

Oxbridge Bank & Trust SCC is not acting jointly or in concert with any other persons or companies in connection with the proposed acquisition of the Issuer's securities. Oxbridge Bank & Trust SCC will acquire the Escrowed Shares in reliance upon the "Private Agreement Exemption" from the take-over bid requirements. Oxbridge Bank & Trust SCC will acquire the Escrowed Shares pursuant to a share purchase agreement with each of four persons for a purchase price of $0.08 per share. Therefore, the acquisition of the Escrowed Shares will be made from not more than 5 persons and at a purchase price not greater than 115% of the market price at the date hereof.

An early warning report in respect of the above noted transaction will be filed on SEDAR. A copy of this report can be obtained from Darren C. Stark at (246) 426-3780.

Contact Information

  • Darren C. Stark
    (246) 426-3780