Maurel et Prom : Maurel et Prom : Exercise of the TUSCANY warrants
Paris, 20 March 2013
Exercise of the TUSCANY warrants
Maurel & Prom informs its shareholders of the exercise of the TUSCANY
warrants, owned since the merger between CAROIL and TUSCANY, to acquire
27,500,000 common shares in the capital of Tuscany International Drilling Inc.
for no consideration.
Tuscany International Drilling Inc. is a Canadian-based oilfield services
company; offering drilling, completion and workover services to the oil and
natural gas industry. Tuscany is listed in the Toronto stock exchange (TID).
According to Canadian rules, Maurel & Prom disclosed the following press
«March 19, 2013 - Établissements Maurel & Prom S.A. ("M&P") announced today
that it has exercised common share purchase warrants (the "Warrants") to
acquire 27,500,000 common shares (the "Common Shares") in the capital of
Tuscany International Drilling Inc. (the "Company") for no consideration, as
per the terms of the Warrants.
The 27,500,000 Common Shares represent approximately 7.32% of the outstanding
Common Shares of the Company.
Prior to the exercise of the Warrants, M&P beneficially owned or exercised
control or direction over 81,500,000 Common Shares and 27,500,000 Warrants,
representing 29.05% of the outstanding Common Shares (calculated assuming
exercise of the Warrants). Following the exercise of the Warrants, M&P now
beneficially owns or exercises control or direction over 109,000,000 Common
Shares (and no Warrants) representing 29.05% of the issued and outstanding
Common Shares of the Company.
M&P exercised the Warrants and continues to hold its Common Shares of the
Company for investment purposes. M&P intends to review its investment in the
Company on a continuing basis. Depending on various factors, including,
without limitation, the Company's financial position, the price levels of the
Common Shares of the Company, the conditions in the securities markets and
general economic and industry conditions, M&P's business or financial
condition and other factors and conditions M&P deems appropriate, M&P may in
the future take such actions with respect to its investment in the Company as
M&P deems appropriate, including, without limitation, making proposals to the
Company concerning changes to the capitalization, ownership structure or
operations of the Company, acquiring common shares of the Company or selling,
transferring to an affiliated party or otherwise disposing of some or all of
the common shares of the Company, in each case subject to applicable laws and
the terms of the agreements with the Company. In addition, M&P may formulate
other purposes, plans or proposals regarding the Company or any of its
securities to the extent deemed advisable in light of general investment and
trading policies, market conditions or other factors or M&P may change its
intention with respect to any and all matters referred to above.
M&P's address is set out below. For further information or to obtain a copy
of the report filed by M&P in accordance with applicable Canadian securities
laws, contact M&P at the address specified below:
Établissements Maurel & Prom S.A.
12, rue Volney
Tel: +33 (0) 1 53 83 1600
For the attention of: Marc de Rodellec»
For more information, go to www.maureletprom.fr
Phone: +33 1 42 72 46 76
This document may contain forward-looking statements regarding the financial
position, results, business and industrial strategy of Maurel & Prom.By
nature, forward-looking statements contain risks and uncertainties to the
extent that they are based on events or circumstances that may or may not
happen in the future.These projections are based on assumptions we believe to
be reasonable, but which may prove to be incorrect and which depend on a
number of risk factors such as fluctuations in crude oil prices, changes in
exchange rates, uncertainties related to the valuation of our oil reserves,
actual rates of oil production and the related costs, operational problems,
political stability, legislative or regulatory reforms, or even wars,
terrorism and sabotage.
Maurel & Prom is listed for trading on Euronext Paris - Compartment A - CAC®
mid 60 - SBF120® - CAC® Mid & Small - CAC® All-Tradable - CAC® All-Share
ISIN FR0000051070 / Bloomberg MAU.FP / Reuters MAUP.PA
This announcement is distributed by Thomson Reuters on behalf of Thomson
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of
information contained therein.
Source: Maurel et Prom via Thomson Reuters ONE
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