Swank Energy Income Advisors, L.P.

June 11, 2008 18:55 ET

Swank Energy Income Advisors, L.P.: Exercise of Warrants of Palladon Ventures Ltd.

DALLAS, TEXAS--(Marketwire - June 11, 2008) - Swank Energy Income Advisors L.P. ("Swank Advisors"), as general partner of The Dalrymple Global Resources Master Fund, LP ("Dalrymple"), announces that Dalrymple exercised share purchase warrants ("Warrants") to acquire 2,635,500 common shares ("Shares") in the capital of Palladon Ventures Ltd. ("Palladon"). Further, for information only, Swank Advisors through Swank Investment Partners, LP ("Swank Investments") a limited partnership to which Swank Advisors acts as general partner, subscribed for 816,000 Shares and 204,000 Warrants in Palladon by way of a private placement, at a price per unit of $0.705 on May 29, 2008.

The exercise by Dalrymple brings the security holdings of Palladon, over which Swank Advisors has control and direction, to an aggregate of 12,092,045 Shares and 1,232,636 Warrants. Each of the remaining Warrants entitles the holder to purchase one common share in the capital of Palladon. Assuming the exercise of all the Warrants and assuming no other Warrants of Palladon are exercised, Swank Advisors would have control and direction over 13,324,681 common shares or 17.4% of the outstanding common shares of Palladon, based on 76,417,465 Shares of Palladon being outstanding at the date hereof.

The securities are held as follows; 11,276,045 Shares and 925,772 Warrants by Dalrymple, 816,000 Shares and 204,000 Warrants by Swank Investments and 102,864 Warrants by Swank Best Ideas Fund, LP ("Swank Best Ideas"), a limited partnership to which Swank Advisors acts as general partner, which were acquired from Swank Investments pursuant to an internal reallocation.

The exercise by Dalrymple of the 2,635,500 Warrants of Palladon referenced above was performed by Dalrymple pursuant to the exercise of a warrant certificate issued by Palladon at an exercise price of $0.50 per Share.

The securities were acquired for investment purposes. Swank Advisors, as general partner on behalf of Dalrymple and Swank Investment Partners, LP or other entities may, from time to time, acquire additional securities of Palladon, dispose of some or all of the securities they hold, or may continue to hold their current positions. Swank Capital, LLC is the general partner of Swank Energy Income Advisors, LP, and Mr. Jerry V. Swank is the managing member of Swank Capital, LLC.

To obtain a copy of the related early warning report filed with applicable securities commissions, please refer to the SEDAR website (www.sedar.com).

Contact Information

  • Swank Energy Income Advisors, LP
    Mr. Chris Cocotos
    (214) 692-6334
    (214) 219-2353 (FAX)
    or
    Swank Energy Income Advisors, LP
    3300 Oak Lawn Avenue, Suite 650
    Dallas, Texas 75219