Lumina Capital Limited Partnership

September 10, 2010 19:58 ET

News Release

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 10, 2010) - Lumina Capital Limited Partnership ("Lumina"), of 410 – 625 Howe Street, Vancouver, British Columbia, V6C 2T6, today announced pursuant to National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues that on September 10, 2010, Lumina acquired ownership and control of 4,800,000 units (each, a "Unit") of Kivalliq Energy Corporation ("Kivalliq") as part of the second tranche of a non-brokered private placement for aggregate consideration of $1,200,000, or $0.25 per Unit. Each Unit is comprised of one common share and one-half of one common share purchase warrant of Kivalliq. As a result of this acquisition, Lumina owns a total of 17,000,000 common shares representing approximately 19.34% of the total number of common shares currently issued and outstanding. In addition, Lumina acquired common share purchase warrants to acquire an additional 2,400,000 common shares of Kivalliq.

Shareholders approval was required for the second tranche of the offering as the issuance of the Units to Lumina pursuant to the second tranche may have resulted in a "change of control" of Kivalliq pursuant to the policies of the TSX Venture Exchange. Shareholder approval was granted on September 3, 2010.

Immediately following the September 10, 2010 acquisition of 4,800,000 Units of Kivalliq, Lumina exercised ownership and control over a total of 17,000,000 common shares of Kivalliq and common share purchase warrants exercisable to purchase 7,250,000 common shares of Kivalliq, which, in the aggregate assuming Lumina's common share purchase warrants are exercised, represents approximately 25.49% of the 95,141,369 then issued and outstanding common shares of Kivalliq, assuming no other convertible securities are exercised.

Lumina's acquisition was made for investment purposes. Lumina may, in the future, acquire ownership and control over additional securities of Kivalliq for investment purposes.

Other than as described above, Lumina is not currently a party to any agreement in respect of the acquisition, holding, disposition or voting of any securities of Kivalliq.

Lumina does not own or control any securities of Kivalliq with, nor is Lumina a joint actor with, another entity.

To obtain a copy of the subject early warning report, please contact Robert Pirooz via the contact information listed below.

Contact Information

  • Lumina Capital Limited Partnership
    Robert Pirooz
    (604) 684-1175
    (604) 684-0147 (FAX)