SKANA Capital Corp.

MENA Hydrocarbons Inc.

May 09, 2011 09:00 ET

SKANA and MENA Announce Update to Proposed Business Combination

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 9, 2011) - SKANA Capital Corp. (TSX VENTURE:SKN). SKANA Capital Corp. ("SKANA") and MENA Hydrocarbons Inc. ("MENA") announce that they have mailed the proxy-related materials for the special meetings of the shareholders of SKANA and MENA called to consider and approve, among other things, the proposed reverse take-over of SKANA by MENA.

The special meeting of SKANA shareholders will be held at the Vancouver Club, at 915 West Hastings Street, Vancouver, B.C. V6C 1C6 at 2:00 p.m. (Vancouver time) on May 18, 2011. The special meeting of MENA shareholders will be held at the offices of Burnet, Duckworth & Palmer LLP, 1400, 350 – 7th Avenue SW, Calgary, Alberta T2P 3N9 at 9:30 a.m. (Calgary time) on May 18, 2011.

Subject to the approval of the TSX Venture Exchange, the transaction is expected to be completed on or about May 20, 2011.

About SKANA Capital Corp.

SKANA is listed on the TSX Venture Exchange as an Investment Issuer and carries on business as a merchant bank. It makes strategic investments in resource-based and other opportunities that it believes have significant potential for appreciation through its financial involvement and guidance.

About MENA Hydrocarbons Inc.

MENA is a private Alberta company engaged in oil and gas exploration with a focus in the Middle East, North Africa and Mediterranean regions.

Forward-Looking Statements: Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of SKANA and MENA, including, but not limited to, the impact of general economic conditions, industry conditions, dependence upon regulatory and shareholder approvals, the execution of definitive documentation and the uncertainty of obtaining additional financing. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this news release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • SKANA Capital Corp.
    Greg Clarkes
    (604) 669-4899

    MENA Hydrocarbons Inc.
    Sam Charanek
    (403) 618-8115