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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Elemental Altus Royalties Corp | TSXV:ELE | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.01 | -0.90% | 1.10 | 1.08 | 1.10 | 1.12 | 1.10 | 1.12 | 28,100 | 20:51:12 |
Excelsior Energy Limited (TSX VENTURE:ELE) ("Excelsior" or the "Corporation") is providing the following update in response to the press release issued by Wexford Capital LP ("Wexford") on April 20, 2010 announcing that it had presented Excelsior with a non-binding and conditional expression of interest to acquire newly issued common shares of Excelsior and other related matters (the "Wexford Proposal"). The board of directors of Excelsior has carefully considered the Wexford Proposal and Excelsior's legal obligations under the binding letter agreement between Excelsior, Frank Giustra, Peninsula Merchant Syndications Corp. and Jeff Scott (the "Letter Agreement") relating to the proposed $20.0 million non-brokered equity financing of Excelsior (the "Equity Financing"), including the advice of Excelsior's legal counsel, and has concluded that (i) Excelsior has a binding agreement to proceed with the Equity Financing at this time, (ii) except as specifically provided for in the Letter Agreement, Excelsior is contractually prohibited at this time from directly or indirectly offering or contracting to sell or announcing an intention to sell any securities of Excelsior to any person without the prior written consent of the other parties to the Letter Agreement, and (iii) given the circumstances described above, the Wexford Proposal is not a transaction that Excelsior is capable of pursuing or discussing further at this time. This document contains forward-looking statements regarding the Corporation's activities and the completion of the Equity Financing. The forward-looking statements are based on certain key expectations and assumptions made by Excelsior, including expectations and assumptions concerning the satisfaction of the conditions to the completion of the Equity Financing and that the letter agreement is not terminated or otherwise varied by the parties in accordance with its terms. Although Excelsior believes that the expectations and assumptions on which the forward-looking statements made are reasonable, undue reliance should not be placed on the forward-looking statements because no assurance can be provided that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to regulatory and third party approvals or other requirements and consents are not obtained on terms satisfactory to the parties, or at all, and risks that other conditions to the completion of any potential transactions are not satisfied. The forward-looking statements contained in this press release are made as of the date hereof and Excelsior undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
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