Cequence Energy Ltd. completes acquisition of HFG Holdings Inc.

CALGARY , Nov. 12 /CNW/ - HFG Holdings Inc. ("HFG") is pleased to announce that Cequence Energy Ltd. ("Cequence" or the "Company") (TSX - CQE) has announced today that all of the conditions to its offer to acquire all of the issued and outstanding shares ("HFG Shares") of HFG not already held by or on behalf of Cequence or its associates or affiliates have been satisfied. As a result, Cequence has advised that it has taken-up approximately 99% HFG Shares not already held by or on behalf of Cequence or its associates or affiliates. HFG shareholders who have tendered to the offer will receive 0.04 of a Cequence common share for each HFG Share held.

Cequence also announced that it intends to immediately acquire all the remaining HFG Shares that were not tendered to the offer pursuant to the compulsory acquisition provisions of the Business Corporations Act (Alberta). Trading of the HFG Shares on the TSX Venture Exchange is expected to cease in due course.

    
    The TSXV Exchange has neither approved nor disapproved the contents of
    this press release
    

For further information: Howard Crone, President and Chief Executive Officer, [phone], [email protected]; or David Gillis, Vice President, Finance and Chief Financial Officer, [phone], [email protected]