GEORGE TOWN, GRAND CAYMAN, CAYMAN ISLANDS, May 25, 2015 (Canada NewsWire via COMTEX) — Meridian Capital International Fund (“Meridian”) announced today that, in connection with the closing of the restructuring transaction by Caspian Energy Inc. (“Caspian”), the percentage of Meridian’s shareholdings of the common shares of Caspian (“Common Shares”) has been substantially decreased. Meridian, together with related parties, now hold 122,879,055 Common Shares representing approximately 26.5% of the currently issued and outstanding Shares and 197,369 warrants to purchase Common Shares.
The successful transaction represents the result of a long and comprehensive restructuring of Caspian, which has been supported by Meridian and other stakeholders as a means to transform the organization and management of Caspian in response to financial difficulties faced by the Company.
In connection with closing of the Transaction, Caspian issued Common Shares and securities convertible into Common Shares to a number of stakeholders, including to Meridian as a result of the conversion (the “Conversion”) of amounts owed to it by Caspian under a $US 3 million loan agreement (the “Loan Agreement”) dated July 7(th), 2014, as amended November 4, 2014. The Common Shares received by Meridian in connection with the Conversion were issued at a price of Cdn.$0.06 per Common Share for the $US 1,500,000 principal amount advanced by Meridian under the first tranche of the Loan Agreement, and Cdn.$0.07 per Common Share for the $US 900,000 principal amount advanced by Meridian under the second tranche of the Loan Agreement.
For more information about the Transaction please refer to the news release issued by Caspian on May 20th, 2015.
This news release is being issued pursuant to National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues of the Canadian Securities Administrators.
A copy of the early warning report in respect of this transaction will be available at www.sedar.com.
SOURCE Meridian Capital International Fund