Shareholder approval of Caroil Acquisition
posted on
Aug 09, 2011 03:36PM
Edit this title from the Fast Facts Section
Press release from Marketwire
Tuesday, August 09, 2011
CALGARY, ALBERTA--(Marketwire - Aug. 9, 2011) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF THE U.S. SECURITIES LAWS.
Tuscany International Drilling Inc. (TSX:TID) ("Tuscany") is pleased to announce that, at the special meeting of shareholders of Tuscany held on August 9, 2011, the shareholders of Tuscany passed an ordinary resolution, with 98.64% in favour, approving the previously announced proposed acquisition by Tuscany (indirectly through its wholly-owned subsidiary, Tuscany Rig Leasing S.A.) of all of the issued and outstanding shares of Caroil SAS. The resolution included the approval of the issuance to Établissements Maurel & Prom ("M&P") of 87,500,000 common shares of Tuscany and up to 27,500,000 zero cost, non-transferable, non-voting common share purchase warrants of Tuscany in connection with closing of the acquisition and the appointment of Michel Perret and Paul-André Canel (the board nominees of M&P) as directors of Tuscany effective from and after the closing date of the acquisition.
Shareholder approval of the Caroil acquisition satisfies an important condition to closing and Tuscany management is appreciative of the strong support of the transaction the Tuscany shareholders demonstrated at the special meeting.
Closing of the transaction is still anticipated to occur during the third quarter of 2011.
http://www.theglobeandmail.com/globe-investor/news-sources/?date=+20110809&archive=ccnm&slug=201108090719128001
Cheers; Scott