Torque Shareholders Approve Amalgamation With Dundee Energy Subsidiary
July 29 2011 - 3:37PM
Marketwired
Torque Energy Inc. (TSX VENTURE: TQE) advises that at its annual
and special shareholder meeting held today, its shareholders
approved the amalgamation of Torque with a subsidiary of Dundee
Energy Limited (formerly called Eurogas Corporation) whereby Torque
will become a wholly-owned subsidiary of Dundee Energy. The
amalgamation was approved by over 94.0% of the votes cast by all
shareholders and by over 86.6% of the votes cast excluding persons
and companies affiliated with Dundee Energy.
Shareholders of Torque were able to elect before 4:30 p.m.
(Toronto time) on July 27, 2011 to receive on the amalgamation
either C$0.50 for each Torque share held or one common share in
Dundee Energy for every two Torque shares held. If no election was
made, shareholders will receive C$0.50 per share.
It is expected that Torque's shares will halted until the
amalgamation is completed in early August, at which time the shares
will be delisted from the TSX Venture Exchange and shareholders
will be sent the cash or share consideration which they elected to
receive for their Torque shares.
About Torque Energy Inc.
Torque Energy Inc. is listed on the TSX Venture Exchange under
the symbol "TQE" and is engaged in oil and gas operations in
Ontario and Alberta. For more information, visit
www.torqueenergy.com.
About Dundee Energy Limited
Dundee Energy Limited is listed on the Toronto Stock Exchange
under the symbol "DEN" and is engaged in oil and natural gas
operations in Ontario and indirectly in the development of a major
underground storage facility off the east coast of Spain. For more
information, visit www.eurogascorp.com.
Neither the TSX Venture Exchange nor the Investment Industry
Regulatory Organization of Canada accepts responsibility for the
adequacy or accuracy of this release.
Contacts: Torque Energy Inc. Brian E. Bayley President & CEO
604.689.1428 604.681.4692 (FAX) Torque Energy Inc. David C. Nelms
Chief Financial Officer 519.433.7710 519.433.7588 (FAX)
www.torqueenergy.com
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