CALGARY, Aug. 13 /CNW/ - Breaker Energy Ltd. ("Breaker" or "Company") (TSX: WAV) is pleased to announce it has completed the previously announced conversion of the class B shares in the capital of the Company ("Class B Shares") to class A shares in the capital of the Company ("Class A Shares").
Breaker has converted all of its outstanding Class B Shares to Class A Shares effective August 13, 2008. Each Class B Share was exchanged for 0.8675 of a Class A Share. The conversion ratio was calculated by dividing $10.00 by $11.5272, being the weighted average trading price of the Class A Shares on the Toronto Stock Exchange ("TSX") for the thirty trading day period beginning on June 18, 2008 and ending on July 30, 2008. Registered holders of Class B Shares will be mailed certificates for Class A Shares and do not need to submit their certificates for Class B Shares to Breaker.
The conversion of the Class B shares resulted in the issuance of 780,753 Class A shares.
New Trading Symbol on the TSX
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As a result of the conversion, the Class B Shares were delisted at the close of trading on the TSX on Friday, August 8, 2008, and the Class A Shares are now listed on the TSX under the symbol "WAV".
Breaker Energy Ltd. is a junior oil and gas company focused on creating shareholder value by growing per share production and reserves through acquisitions and a focused exploration, development and exploitation plan.
Breaker Energy trades on the TSX under the symbol "WAV".
Breaker has 40,201,490 Class A Shares outstanding as at August 13, 2008.
The TSX does not accept responsibility for the adequacy or accuracy of
this release.
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