Madalena Ventures Inc. Mails Offer to Online Securityholders
26 September 2012 - 9:52AM
PR Newswire (Canada)
/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR
DISSEMINATION IN THE UNITED STATES/ CALGARY, Sept. 26, 2012 /CNW/ -
Madalena Ventures Inc. ("Madalena") and Online Energy Inc.
("Online") jointly announce that Madalena has mailed its formal
offer documents to holders of outstanding securities of Online in
connection with an offer to acquire all of the outstanding common
shares of Online (the "Online Shares") for $0.35 cash per Online
Share (including any Online Shares issued on exercise of
outstanding options or performance warrants) prior to the expiry
time of the offer (the "Offer"). The Offer will remain open
for acceptance until 10:00 a.m. (Calgary time) on November 1, 2012,
unless withdrawn or extended. The Offer is conditional upon,
among other things, at the expiry time of the Offer, and at the
time Madalena first takes up Online Shares under the Offer, there
being validly deposited under the Offer and not withdrawn at least
66 2/3% of the outstanding Online Shares (calculated on a diluted
basis). A Directors' Circular setting out the recommendation of the
board of directors of Online in relation to the Offer has also been
mailed to holders of securities of Online. The directors of
Online entitled to vote on the Offer have determined that the Offer
is fair, from a financial point of view, to holders of Online
Shares and is in the best interests of Online and the holders of
Online Shares and has resolved to recommend that holders of Online
Shares accept the Offer and tender their Online Shares to the
Offer. Madalena Ventures Inc. CONTACT: Dwayne H. Warkentin
President and Chief Executive OfficerMadalena Ventures IncPhone:
(403) 233-8010 ext 229Anthony J. PotterVice President, Finance and
Chief Financial OfficerMadalena Ventures Inc.Phone: (403) 233-8010
ext 233Steve Dabner President and Chief Executive OfficerOnline
Energy Inc(403) 262-1901 ext 228Thomas LoveChief Financial
OfficerOnline Energy Inc.Phone: (403) 262-1901 ext 227
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