Macquarie Bank Limited

Macquarie Bank Limited

January 31, 2006 16:41 ET

Macquarie Bank Limited Acquires 12.74% Interest in TrueStar Petroleum Corporation

TORONTO, ONTARIO--(CCNMatthews - Jan. 31, 2006) - Macquarie Bank Limited today announced that it has acquired a 12.74% interest in TrueStar Petroleum Corporation (TSX Venture: TPC), headquartered in Vancouver, British Columbia.

Macquarie Bank Limited ("Macquarie Bank") acquired ownership of common shares and rights to acquire common shares that if exercised would result in it holding an aggregate of 11,474,798 of the common shares of TrueStar Petroleum Corporation (the "Company"). Macquarie Bank's acquisition of its interest in the Company occurred pursuant to a series of private transactions that closed on January 30 and 31, 2006. Macquarie Bank's acquisition represents ownership of approximately 12.74% of the Company's issued and outstanding common shares on a partially diluted basis after giving effect to the number of the Company's common shares that would be issued and outstanding if Macquarie Bank exercised all of its rights to acquire the Company's common shares.

Under the transactions, Macquarie Bank advanced US$4,000,000 (the "Term Loan") to Trinity Barnett LLC ("Trinity"), a wholly-owned indirect subsidiary of the Company, on January 30, 2006, pursuant to a credit agreement (the "Credit Agreement"). Under the terms of the Credit Agreement, Macquarie Bank acquired the immediate right to convert the Term Loan into 7,162,298 common shares of the Company upon advancing those funds to Trinity. On January 31, 2006, Macquarie Bank acquired ownership of 2,875,000 of the Company's common shares and warrants that are immediately exercisable to acquire a further 1,437,500 of the Company's common shares. Immediately after the transactions on January 31, 2006, Macquarie Bank therefore owns 2,875,000 common shares and is deemed to own a further 8,599,798 common shares, aggregating 11,474,798 common shares and representing approximately 12.74% of the Company's common shares on a partially diluted basis.

Macquarie Bank acquired the Company's securities for investment purposes and may, depending on market and other conditions, increase or decrease its beneficial ownership, control or direction over securities of the Company, including the Company's common shares, through market transactions, private agreements, treasury issuances, exercise of options, convertible securities or otherwise.

For further information (or for a copy of the corresponding report required under applicable securities legislation) please contact:

Katie Choi
Macquarie Bank Limited
Tel: (612) 8232-6207

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Macquarie Bank Limited
    Katie Choi
    (612) 8232-6207