News Release
Q Investments Ltd. acquires shares in Exxel Energy Corp.Q Investments Ltd. (“QIL”) has signed a term sheet pursuant to which it is proposed that the Company will purchase 12,000,000 common shares of Exxel Energy Corp. from Gemini Energy Corp. (“Gemini”). The purchase price per Exxel common share will be equal to 60% of the average closing price (last sale of the day) for the ten-trading-day period ending Friday, May 11, 2007. Part of the purchase price will be paid by QIL surrendering to Gemini for cancellation 2,373,900 shares of Gemini common stock currently held by QIL at a deemed price of $4.00 per share, being the proposed acquisition price for Gemini shares under a proposed plan of arrangement (the “Arrangement”) between Gemini and NRG Investments Inc. (“NRG”) also announced today. The balance of the purchase price will be in the form of a promissory note in the amount of the balance due. The promissory note will be for a one year term and will earn interest at the rate of 15% per annum. The note will be partially paid following closing of the Arrangement by QIL surrendering a $1,500,000 promissory note that it currently holds in NRG. This transaction is subject to negotiation, settlement and execution of a definitive purchase agreement, other conditions enumerated in the term sheet and the approval of the TSX Venture Exchange. For further information concerning this announcement, please contact Michael Price, President, at 44-20-7977-1268, or visit our website at www.qinvestmentsltd.com. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. © 2007 Q Investments Ltd. (TSX: QI) - Please read our Disclaimer. |
TSX: QI
