TORONTO, ONTARIO -- (Marketwire) -- 03/19/13 -- Etablissements 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:
Etablissements Maurel & Prom S.A.12, rue Volney75002 ParisFranceTel: +33 (0) 1 53 83 1600For the attention of: Marc de Rodellec
About Etablissements Maurel & Prom S.A.
Maurel & Prom is listed for trading on Euronext Paris - compartiment A - CAC® mid 60 - SBF120® - CAC® Mid & Small - CAC® All-Tradable - CAC®
ISIN FR0000051070 / Bloomberg MAU.FP / Reuters MAUP.PA
Établissements Maurel & Prom S.A.
Marc de Rodellec
+33 (0) 1 53 83 1600