TRIPLE 8 ENERGY LTD.
TSX VENTURE : TEE

February 12, 2010 13:59 ET

Triple 8 Energy Announces Proposal for 3-For-1 Share Split

CALGARY, ALBERTA--(Marketwire - Feb. 12, 2010) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE U.S.

Triple 8 Energy Ltd. (the "Corporation") (TSX VENTURE:TEE) is pleased to announce today that its board of directors has authorized a proposal to split the common shares of the Corporation on the basis of one share into three shares. There are currently 10,578,651 common shares issued and outstanding, and if the proposed share split is completed, there would be 31,735,953 common shares issued and outstanding. Outstanding stock options and share purchase warrants will also be adjusted by the share split ratio and the respective exercise prices of outstanding stock options and warrants will be adjusted accordingly. The Corporation will not change its name in conjunction with the share split. Although the proposed share split is not subject to shareholder approval, the share split is subject to the acceptance of the TSX Venture Exchange ("TSXV"). The Corporation proposes the share split to increase the liquidity of its shares and, in turn, make financing terms more attractive.

The Corporation intends to set the record date for determining the shareholders of the Corporation as the second business day following issuance of the Exchange Bulletin by the TSXV. The Corporation intends to issue a subsequent news release with the exact record date once such date is determined following TSXV acceptance. The completion of the share split is conditional on the Corporation receiving acceptance of the TSXV.

This news release will not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction. Such securities have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States, or to a U.S. person, absent registration, or an applicable exemption therefrom.

Advisory Respecting Forward-Looking Information:

This news release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends", "confident", "might" and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the foregoing, this news release contains forward-looking information and statements pertaining to the expected closing date of the offering and use of proceeds therefrom and other expectations, beliefs, plans, goals, objectives, assumptions, information and statements about possible future events, conditions, results of operations or performance. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release.

The forward-looking information and statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Forward-looking statements are based on current expectations, estimates and projections that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated and described in the forward-looking statements. Such information and statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information or statements.

The foregoing list of assumptions, risks and uncertainties is not exhaustive. The forward-looking information and statements contained in this news release speak only as of the date of this news release, and the corporation assumes no obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable securities laws.

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

  • Triple 8 Energy Ltd.
    Dickson P. Chow
    President and Chief Executive Officer
    (403) 269-3091