TriAxon Resources Ltd.

June 18, 2008 07:00 ET

TriAxon Resources Acquires Longbow Resources

CALGARY, ALBERTA--(Marketwire - June 18, 2008) - TriAxon Resources Ltd. ("TriAxon") announces that it has acquired approximately 93% of the issued and outstanding common shares (the "Common Shares") of Longbow Resources Inc. (TSX VENTURE:LBR) ("Longbow") pursuant to its offer and take-over bid circular dated May 12, 2008.

A total of 50,354,736 Common Shares, representing approximately 93% of the issued and outstanding shares of Longbow, were deposited to the offer as of the initial expiry time on June 17, 2008. All of the conditions to the offer by TriAxon have been satisfied or waived. As a result, TriAxon has given instructions to the depositary to take up all of the Common Shares deposited to the offer and will pay for such shares in accordance with applicable securities laws and the acquisition agreement between TriAxon and Longbow. TriAxon will pay approximately $35 million in cash for all of the Common Shares deposited to date. TriAxon intends to acquire all of the remaining Common Shares not deposited under the offer pursuant to the compulsory acquisition procedures of the Business Corporations Act (Alberta).

All of the members of the Longbow board of directors will resign and will be replaced with the nominees of TriAxon following the payment by TriAxon for the shares taken up on June 17, 2008.

About TriAxon

TriAxon is a private junior oil and gas company based in Calgary, Alberta, with properties located in Alberta and Saskatchewan.

Contact Information

  • TriAxon Resources Ltd.
    Jeff Saponja
    President and Chief Executive Officer
    (403) 536-0642
    (403) 770-8380 (FAX)