BUENOS AIRES, Argentina, May 23, 2018 (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 May 23, 2018 it acquired ownership and control of 26,666,667 common shares ("Common Shares") of Crown Point Energy Inc. ("Crown Point"), representing approximately 36.6% of the issued and outstanding Common Shares following the closing of Crown Point's short form prospectus rights offering on May 23, 2018 (the "Rights Offering"), at a purchase price of US$0.30 per Common Share (Cdn$0.38 per Common Share based on the daily exchange rate published by the Bank of Canada of US$1.00 = Cdn$1.2786 on May 22, 2018) for total consideration of approximately US$8,000,000.10 (approximately Cdn$10,228,800.13). The Common Shares were acquired from treasury pursuant to Crown Point's Rights Offering and an Amended and Restated Standby Purchase Agreement dated April 6, 2018 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 16,717,815 Common Shares, representing approximately 50.8% of the issued and outstanding Common Shares. After giving effect to the closing of the Rights Offering, Liminar owns and controls an aggregate of 43,384,482 Common Shares, representing approximately 59.5% 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.