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Share Name | Share Symbol | Market | Type |
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TSXV:EEN | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
Estrella International Energy Services Ltd. ("Estrella" or the "Company") (TSX VENTURE:EEN), announces that in connection with the preliminary long form rights offering prospectus ("Preliminary Prospectus") filed with the securities regulatory authorities in British Columbia, Alberta and Ontario on February 21, 2013, the board of directors has fixed the subscription price for each common share offered in the rights offering at CDN$0.05 per share. In accordance with National Instrument 45-101 - Rights Offerings, the 20 day average closing price of the Common Shares on the TSXV was $0.057. Accordingly, the subscription price represents a 12% discount to the 20 day average closing price. As described in the Preliminary Prospectus, Ringo Holding L.P., an affiliate of Southern Cross Latin America Private Equity Fund IV, L.P., and controlling shareholder of the Company has indicated its intention to exercise all of the rights issuable to it in connection with the rights offering, and may additionally exercise the Additional Subscription Privilege (as such term is defined in the Preliminary Prospectus). The Company anticipates raising gross proceeds of up to CDN$25,000,000 in connection with the Rights Offering. A copy of the Preliminary Prospectus has been filed on SEDAR and is available for review at www.sedar.com. Statements in this press release may contain forward-looking information. Any statements in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expects" and similar expressions. Forward-looking statements in this press release include, but are not limited to, statements with respect to the future business plans and services. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances, such as future availability of capital on favourable terms, may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Estrella. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. The forward-looking statements contained in this press release are made as of the date of this press release, and Estrella does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as required by securities law. THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES. THESE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM. FOR FURTHER INFORMATION PLEASE CONTACT: Estrella International Energy Services Ltd. Warren Levy Chief Executive Officer +54 (11) 5217-5250 +54 (11) 5217-5280 (FAX) info@estrellasp.com
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