BUENOS AIRES, Argentina, Oct. 23, 2017 (GLOBE NEWSWIRE) -- Pursuant to the early warning requirements of applicable Canadian securities laws, Liminar Energía S.A. ("Liminar"), a private Argentine holding company, announces that on October 23, 2017 it acquired ownership and control of 107,178,151 common shares ("Common Shares") of Crown Point Energy Inc. ("Crown Point"), representing approximately 32.6% of the issued and outstanding Common Shares following the closing of Crown Point's rights offering on October 23, 2017 (the "Rights Offering"), at a purchase price of US$0.025 per Common Share (Cdn$0.032 per Common Share based on the daily exchange rate published by the Bank of Canada of US$1.00 = Cdn$1.2601 on October 20, 2017) for total consideration of approximately US$2,679,454 (approximately Cdn$3,376,380). The Common Shares were acquired from treasury pursuant to Crown Point's Rights Offering and a Standby Purchase Agreement dated September 18, 2017 entered into between Crown Point and Liminar.
Prior to giving effect to the closing of the Rights Offering, Liminar owned and controlled an aggregate of 60,000,000 Common Shares, representing approximately 36.5% of the issued and outstanding Common Shares. After giving effect to the closing of the Rights Offering, Liminar owns and controls an aggregate of 167,178,151 Common Shares, representing approximately 50.8% of the issued and outstanding Common Shares.
The acquisition of the Common Shares was made in furtherance of Liminar's investment objectives. Liminar may, from time to time, as market opportunities exist or develop, increase or decrease its ownership in Common Shares as permitted by applicable securities laws.
FOR FURTHER INFORMATION OR TO OBTAIN A COPY OF THE EARLY WARNING REPORT FILED IN CONJUNCTION WITH THIS PRESS RELEASE, PLEASE CONTACT:
Liminar Energía S.A.
Av. Corrientes 1174, 10th Floor (C1043AAY)
City of Buenos Aires, Argentina
Attention: Juan Llado
Telephone: +54 11 (5235) 2804
Crown Point Energy Inc.
PO Box 1562 Station M
Calgary, Alberta T2P 3B9
Attention: Marisa Tormakh
Vice-President, Finance and Chief Financial Officer
Telephone: (403) 232-1150