CALGARY, Jul 5, 2016 - Madalena Energy Inc. ("Madalena" or the "Corporation") - On June 28, 2016 Madalena and Point Loma Energy Ltd. ("Point Loma") completed a transaction pursuant to which, among other things, Point Loma acquired Madalena's non-core Canadian petroleum and natural gas assets focused in the Paddle River area of Alberta (the "Assets") in exchange for common shares (the "Common Shares") in the capital of Point Loma and a senior subordinate convertible debenture (the "Debenture") of Point Loma in the amount of $3,000,000 with a five-year term accruing interest at 3% per annum (the "Transaction").
Pursuant to the Transaction, Point Loma paid Madalena a purchase price for the Assets consisting of 6,244,814 Common Shares representing 29.31% of the outstanding Point Loma Common Shares, on a non-diluted basis (assuming no other Common Shares are issued from the date hereof) and the Debenture. Such Common Shares were issued at a deemed price of $0.40 per share, on a post-consolidation basis and the Debenture is convertible into Common Shares on the basis of $0.50 per share, on a post-consolidation basis.
Madalena acquired the securities of Point Loma as consideration for the Assets and Madalena may, in the future, increase or decrease its ownership of securities of Point Loma, directly or indirectly, from time to time depending upon, among other things, the business and prospects of Point Loma and future market conditions.
Madalena will file an early warning report with the applicable securities regulatory authorities in respect of the above transactions which will be available at www.sedar.com under Point Loma's SEDAR profile.
Neither the TSX Venture Exchange nor its Regulation Service 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
Madalena Energy Inc. Steve Dabner, Vice President, Exploration and New Ventures (587) 955-1302 sdabner@madalenaenergy.com
Madalena Energy Inc. Thomas Love, CA, VP, Finance and Chief Financial Officer (403) 262-1901 (Ext. 227) tlove@madalenaenergy.com
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CALGARY, Jul 5, 2016 - Madalena Energy Inc. ("Madalena" or the "Corporation") - On June 28, 2016 Madalena and Point Loma Energy Ltd. ("Point Loma") completed a transaction pursuant to which, among other things, Point Loma acquired Madalena's non-core Canadian petroleum and natural gas assets focused in the Paddle River area of Alberta (the "Assets") in exchange for common shares (the "Common Shares") in the capital of Point Loma and a senior subordinate convertible debenture (the "Debenture") of Point Loma in the amount of $3,000,000 with a five-year term accruing interest at 3% per annum (the "Transaction").
