Primeline Energy Holdings Inc. Chairman Increases Shareholder Position in the Company
Hong Kong, November 20, 2008 - Further to disclosure requirements of applicable securities laws, Mr. Victor Hwang of Hong Kong Parkview, 88 Tai Tam Reservoir Road, Hong Kong, reports that he today acquired direct ownership of 3,027,100 common shares (the “Transaction”) of Primeline Energy Holdings Inc. (the “Company”) at a price of Cdn. $0.19 per share, by way of private agreements with two sellers. The Transaction was completed by pre-arranged cross of the shares on the TSX Venture Exchange.
After giving effect to the Transaction, Mr. Hwang holds 24,640,675 common shares of the Company, either directly or through Primeline International Holdings Inc. (of which he is the sole shareholder), representing 50.20% of the Company’s issued and outstanding common shares on a partially diluted basis (assuming the exercise of 2,066,664 vested options). On a non-diluted basis, Mr. Hwang holds 22,574,011 common shares, representing 48.01% of the Company’s issued and outstanding common shares.
Mr. Hwang acquired the common shares for investment purposes. In the future, Mr. Hwang may or may not purchase or sell securities of the Company on the open market or in private transactions, depending on market conditions and other factors material to Mr. Hwang’s investment decisions.
Mr. Hwang relied upon the “private agreement” exemption from the takeover bid rules of Canadian securities legislation at Section 4.2 of Multilateral Instrument 62-104 in completing the transaction. The facts supporting that reliance are set forth above.
This press release is issued pursuant to Section 5.2(2) of Multilateral Instrument 62-104, which also requires a report to be filed with regulatory authorities containing additional information with respect to the foregoing matters (the “Early Warning Report”). A copy of the Early Warning Report will appear with the Company’s documents on the SEDAR website, at www.sedar.com.
Victor Yiou-Hwa Hwang
For further information or to obtain a copy of the Early Warning Report, contact
PRIMELINE ENERGY HOLDINGS INC.
Senior Vice President
Phone: +44 207.499.8888
Fax: +44 207.499.2288
Toll Free: 1.877.818.0688
CHF INVESTOR RELATIONS
Senior Account Manager
Phone: +1 416.868.1079 ext. 228
Fax: +1 416.868.6198
Associate Account Manager
Phone: +1 416.868.1079 ext. 251
Fax: +1 416.868.6198