Business & Finance
Business and Finance
Business and Finance
Fri, July 24, 2009
Thu, July 23, 2009 Brownstone Ventures Inc.: Brownstone Ventures Inc. Acquires Securities of Dejour Enterprises Ltd.
TORONTO, ONTARIO--(Marketwire - July 23, 2009) - Brownstone Ventures Inc. (TSX VENTURE:BWN) announces that in a transaction that closed on July 21, 2009 (and was effective as of June 22, 2009), in exchange for certain debt forgiveness and further loan extension pursuant to an agreement with Dejour Enterprises Ltd. ("Dejour"), Brownstone acquired 6,666,667 common shares of Dejour (the "Common Shares"), 3,333,333 common share purchase warrants (the "Warrants") exercisable into 3,333,333 common shares of Dejour until June 22, 2014 at a price of $0.55 per common share, and 2,000,000 common share purchase warrants (the "Bonus Warrants") exercisable into an additional 2,000,000 common shares of Dejour until June 22, 2011 (subject to early acceleration provisions in the event that the Dejour common shares trade at a price over $0.80 for 30 calendar days) at a price of $0.50. In the event that the Warrants and the Bonus Warrants are fully exercised, these holdings represent approximately 13.8% of the total issued and outstanding common shares of Dejour as of June 22, 2009, calculated on a partially diluted basis assuming the exercise of the Warrants and the Bonus Warrants only.
Immediately following the acquisition, Brownstone, together with its joint actors, owns an aggregate of 12,584,771 common shares of Dejour, including the Common Shares and convertible securities exercisable into 5,333,333 common shares of Dejour (the "Convertible Securities"), including the Warrants and the Bonus Warrants. Of these totals, Brownstone holds 12,509,771 common shares, including the Common Shares and all of the Convertible Securities, directly. In the event that the Convertible Securities are fully exercised, the holdings of Brownstone and its joint actors own a total of 17,918,104 common shares of Dejour, or approximately 20.6% of all issued and outstanding common shares as at June 22, 2009, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only. In the event that the Convertible Securities are fully exercised, the direct holdings of Brownstone represent a total of 17,843,104 common shares of Dejour, or approximately 20.5% of all issued and outstanding common shares as at June 22, 2009, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only.
These transactions were made for investment purposes, and Brownstone and each of its joint actors could increase or decrease their respective investments in Dejour, depending on market conditions or any other relevant factor.
About Brownstone - Brownstone Ventures Inc. is a Canadian-based, energy focused investment company with equity interests and direct interests in oil and gas exploration projects, including working interests in almost 300,000 acres in the Piceance/Uinta Basins of Colorado and Utah; 295km2 in the Assam/Arakan Basin, Northeast India; 253,000 acres in Rio Negro, Argentina; interests in several projects in Brazil and a 50% interest in approximately 160,000 hectares in the Quebec Lowlands. For additional information, please see Brownstone's website: [ www.brownstoneventures.com ].
The TSX Venture Exchange does not take responsibility for the adequacy or accuracy of this release.
