WestFire Energy Ltd.

WestFire Energy Ltd.

November 14, 2008 17:58 ET

WestFire Energy Ltd. Announces Acquisition of Racing Resources Ltd.

CALGARY, ALBERTA--(Marketwire - Nov. 14, 2008) - WestFire Energy Ltd. ("WestFire" or the "Company") is pleased to announce that over 97% of the common shares of Racing Resources Ltd. ("Racing") have been validly deposited pursuant to WestFire's offer to acquire all of the outstanding Class A common shares (the "Racing Shares") of Racing (the "Offer"). WestFire has taken up all of the Racing Shares validly tendered pursuant to the Offer. In addition, WestFire has exercised its statutory rights under the compulsory acquisition provisions of the Business Corporations Act (Alberta) to acquire the remaining Racing Shares that were not deposited pursuant to the Offer. Under the terms of the Offer, shareholders of Racing were entitled to receive 0.14 of a common share of WestFire for each Racing Share held. In aggregate, WestFire issued approximately 4,020,700 common shares to acquire all of the issued and outstanding Racing Shares.

Contact Information

  • WestFire Energy Ltd.
    Mr. D. Stephen Burtt, CA
    Vice-President, Finance and Chief Financial Officer
    (403) 718-3602