Dundee Corporation Acquires Further Interest in Longreach Oil and Gas Limited
12 April 2014 - 4:56AM
Marketwired
Dundee Corporation Acquires Further Interest in Longreach Oil and
Gas Limited
TORONTO, ONTARIO--(Marketwired - Apr 11, 2014) - In accordance
with regulatory requirements, Dundee Corporation (TSX:DC.A)
("Dundee") announces that it has acquired 2,820 units ("Units") of
Longreach Oil and Gas Limited ("Longreach") for $2,820,000. Each
Unit, priced at $1,000 each, consists of one 10% secured
convertible debenture ("Debenture") of Longreach in the principal
amount of $1,000 and 1,000 ordinary share purchase warrants
("Warrants"). Each Warrant entitles Dundee to acquire one ordinary
share of Longreach ("Shares") at a price of $0.30 for a term of two
years following closing.
Following the first anniversary of the date of closing, Dundee
may convert outstanding principal under the Debentures into Shares
at a conversion price equal to the greater of: (a) $0.30; and (b)
the current market price of the Shares at the time of conversion
(based on a 20 day volume weighted average trading price), and
subject to certain restrictions described in the Debentures and
summarized in a news release issued by Longreach on April 10,
2014.
Dundee owns 12,291,146 Shares representing 15.15% of the issued
Shares. Assuming Dundee fully converted the principal of the
Debentures at the minimum conversion price of $0.30 and fully
exercised its Warrants, Dundee would hold 24,511,146 Shares
representing approximately 26.25% of the issued Shares on a
partially diluted basis.
Dundee's interest in Longreach may be increased or decreased in
the future in light of investment criteria, market conditions and
other factors in accordance with the provisions of applicable
securities legislation.
ABOUT DUNDEE CORPORATION
Dundee Corporation is a public Canadian independent holding
company listed on the Toronto Stock Exchange ("TSX") under the
symbol "DC.A". Through its operating subsidiaries, Dundee
Corporation is engaged in diverse business activities in the areas
of its core competencies including investment advisory and
corporate finance, energy, resources, agriculture, real estate and
infrastructure. Dundee Corporation also holds, directly and
indirectly, a portfolio of investments mostly in these core focus
areas, as well as other select investments in both publicly listed
and private companies.
Dundee CorporationNed GoodmanPresident and Chief Executive
Officer(416) 365-5665Dundee CorporationLucie PresotVice President
and Chief Financial Officer(416) 365-5157
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