CALGARY, June 26 /CNW/ - On June 26, 2008, Progress Energy Ltd. ("Progress") acquired control of 8,300,000 Class A common shares of Seaview Energy Inc. ("Seaview"). As a result, Progress together with affiliates, insiders and associates will control an aggregate of 8,300,000 Class A common shares of Seaview or 21.7% of the outstanding Class A common shares of Seaview.
The Class A common shares were issued as consideration for the acquisition by Seaview from Progress of some light oil and natural gas assets in southeastern Saskatchewan (the "Assets") pursuant to a purchase and sale agreement dated May 23, 2008. The consideration for the Assets was comprised of $5,400,000 in cash and the issuance from treasury of 8,300,000 Class A common shares at a price of $2.25 per Class A common share.
Progress and its affiliates, insiders and associates may, from time to time, as market opportunities exist or develop, increase or decrease their beneficial ownership, or control and direction over, Seaview's Class A common shares as permitted by securities law. Progress may in the future take such actions in respect of its holdings as it may deem appropriate in light of the circumstances then existing, including the purchase of additional Class A common shares or other securities of Seaview through open market purchases or privately negotiated transactions, in accordance with applicable securities legislation, or the sale of all or a portion of its holdings in the open market or in privately negotiated transactions to one or more purchasers, in accordance with applicable securities legislation. The Seaview Shares issued pursuant to the Acquisition are subject to a four month hold period from the date of closing.
Progress received the Class A common shares pursuant to the "asset acquisition" exemption in National Instrument 45-106 Prospectus and Registration Exemptions, as the Class A common shares were issued as consideration for the Assets and the Assets had a fair market value of not less than $150,000.
The issuance of this news release is not an admission that an entity named in this news release owns or controls any described securities or is a joint actor with another named entity.
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