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Plan of Arrangement Meeting Date & 2008 Statement of Reserves
Feb 28, 2009 02:05AM
February 27, 2009
Ivory Energy Inc.: Plan of Arrangement Meeting Date & 2008 Statement of Reserves
CALGARY, ALBERTA--(Marketwire - Feb. 27, 2009) -
(NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA)
Ivory Energy Inc. (TSX VENTURE:IV) ("Ivory") Further to Ivory's news release of February 5, 2009, announcing the plan of arrangement where under Ivory is to be acquired by Emergo Energy Inc. (the "Arrangement"), Ivory announces that the mailing of the information circular and proxy materials to all holders of Ivory securities ("securityholders"), including Ivory shares, Ivory stock options, Ivory listed warrants and Ivory debentures, was completed on February 27, 2009. Ivory's financial advisor, Haywood Securities Inc., has provided the Ivory Board of Directors with their opinion that, as of the date of the information circular, the consideration to be received by Ivory's shareholders pursuant to the Arrangement is fair, from a financial point of view. All of the officers and directors of Ivory and certain other securityholders who, collectively, own 28% of the, Ivory shares, Ivory options and Ivory listed warrants voting as a single class, as provided for in the Arrangement and 22% of the principal amount of the Ivory Debentures have entered into Support Agreements in support of the Arrangement. Ivory's special meeting, to approve the Arrangements set for March 26, 2009. The closing of the Arrangement is expected to occur on or about March 26, 2009 provided that the requisite securityholder approvals are obtained, as well as the approval of the Court of Queen's Bench of Alberta and certain regulatory agencies.
Further, Ivory has filed its Statement of Reserves Data and Other Oil and Gas Information for the year ended December 31, 2008 as mandated by National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities. For a detailed description of the reserves please refer to Ivory's Statement of Reserves Data and Other Oil and Gas Information, Form 51-101-F1 and related filings which are available at www.sedar.com.