July 15, 2009
On July 7, 2009, Alange, Corp., a private company existing under the laws of Panama, completed an offering of 400,000,000 subscription receipts for aggregate gross proceeds of $140,000,000. The subscription receipts were sold through a syndicate of agents led by GMP Securities L.P. and including Canaccord Capital Corporation, Macquarie Capital Markets Canada Ltd. and Genuity Capital Markets.
The subscription receipts were issued in connection with the proposed acquisition by Cierra Pacific Ventures Ltd. of all of the issued and outstanding securities of Alange. On July 12, 2009, upon the satisfaction of the escrow release conditions applicable to the subscription receipts, the subscription receipts were automatically exercised and the underlying securities were then exchanged for common shares of Cierra Pacific pursuant its acquisition of Alange. In connection with the acquisition, Cierra Pacific changed its name to “Alange Energy Corporation” and its common shares were listed on the TSX Venture Exchange under the symbol “ALE”.
Alange Energy is engaged in the acquisition, exploration and production of oil and gas properties in Colombia. It holds various interests in several projects, representing a large exploration and production area throughout Colombia.
Wildeboer Dellelce LLP acted for the agents in connection with the offering with a team that included Perry Dellelce, Robert Wortzman, James Brown, Alexandra Vazquez, Joanne Sanci and Mack Hosseinian (corporate/securities) and Kevin Fritz (tax).