Solimar Energy Limited
TSX VENTURE : SXS
ASX : SGY

Solimar Energy Limited

November 15, 2011 09:00 ET

Solimar Receives C$2.3 Million From Underwritten (Bought Deal) Private Placement and Receives Receipt for Final Prospectus in Canada

MELBOURNE, AUSTRALIA--(Marketwire - Nov. 15, 2011) - Solimar Energy Limited (TSX VENTURE:SXS)(ASX:SGY) ("Solimar" or the "Company") is pleased to announce that the funds raised from the Underwritten (Bought Deal) Private Placement have been released from escrow and that the Company has received C$2,307,344 (net of costs).

Solimar has also received a receipt from its principal Canadian regulatory authority, the Alberta Securities Commission ("ASC"), for the Company's final long-form prospectus. The prospectus is not an Australian compliant prospectus and has not been lodged with ASIC.

A copy of this prospectus will be available from the Canadian Securities Administrators on their SEDAR filing system (www.sedar.com) and is also attached with this announcement.

The receipt from the ASC will allow the distribution of the Ordinary Shares and Warrants issuable upon conversion of the Special Warrants. The automatic conversion into Ordinary Shares and Warrants is expected to occur on 17 November 2011 (Toronto Time), being the third business day following the date of issuance of the receipt for the final long-form prospectus.

The prospectus involves the distribution of 82,665,748 Ordinary Shares and 41,332,874 Warrants which are issuable on exercise of 82,665,748 Special Warrants that are associated with the C$5,951,934 funding from the Private Placement and Loan Facility. Further details are in the ASX releases dated 25 August 2011 and 6 October 2011.

The Ordinary Shares issuable on the conversion of the Special Warrants will be listed on the TSXV. The Warrants will not be listed.

As announced on 14 November 2011, Solimar's shares started trading on the Canadian TSX Venture Exchange ("TSXV") on 14 November, 2011 under the code "SXS". Solimar is dual listed on the TSXV and the Australian Securities Exchange ("ASX") where its ASX Code remains as "SGY".

Shareholders who have any queries are invited to contact: Chris Bowyer (Company Secretary) or Andrew Gould on +61 (0)3 9347 2409 (Australia); John Begg (CEO) on +1-805-643-4100 (USA); or Computershare Investor Services Inc. in Canada on +1-800-564-6253 (Toll Free number in North America) or +1-514-982-7555 (International number).

Sincerely,

John Begg, Chief Executive Officer

Solimar Energy Limited

This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States nor shall there be any sale of the securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful. The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the Securities Act), or any state securities laws and may not be offered or sold in the United States or to U.S. persons (as defined in Regulation S under The Securities Act except in compliance with the registration requirements or an applicable exemption from the registration requirements of The Securities Act and applicable state securities laws.

ABN 42 112 256 649

Neither 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

  • Solimar Energy Limited
    Registered Office: 566 Elizabeth Street, Melbourne,
    Victoria 3000
    +61 3 9347 2409
    +61 3 9349 1186 (FAX)
    www.solimarenergy.com.au