Primeline Rights to Commence Trading on April 13, 2010
Primeline Energy Holdings Inc. (“Primeline” or the “Company”) (TSXV: PEH) is pleased to announce that it received a receipt today for its short form prospectus relating to a rights offering (the “Offering”) to raise gross proceeds of CAD$23,510,311from the securities regulatory authorities in British Columbia, Alberta, Ontario and Quebec.
Each holder of record of Primeline common shares (“Shares”) as of April 15, 2010, will be entitled to receive one right (a “Right”) for each Share held. One Right will entitle the holder to acquire one Share at a price of $0.50 per Share (the “Subscription Price”) until 2:00 pm (Vancouver time) on May 6, 2010.
The TSX Venture Exchange (the “TSXV”) has advised Primeline that the Rights will commence trading on the TSXV beginning on April 13, 2010 and that the Shares will begin trading on an “ex-Rights” basis at the same time. The Rights are expected to be posted for trading until 9:00 am (Vancouver time) on May 6, 2010.
The (final) prospectus and the certificates representing the Rights are expected to be mailed to eligible holders on or around April 16, 2010. Further details concerning the Offering are contained in the (final) prospectus available on the Company’s profile at www.sedar.com.
About Primeline Energy Holdings Inc.
Primeline is an exploration and development company focusing exclusively on China resources to become a major supplier of gas and oil to the East China market. Primeline has a 75% Contractor’s interest in the Petroleum Contract with CNOOC for Block 25/34, an offshore exploration area of 5,221 sq km in the East China Sea, where the Lishui 36-1 discovery is located. A 3D survey was used to define a number of high potential prospects near the discovery for the Company’s step out exploration programme. Previously drilled wells in and around Block 25/34 encountered oil and gas shows and flows indicating that there is significant hydrocarbon potential in the remainder of the Block. Shares of the Company are listed for trading on the TSX Venture Exchange under the symbol PEH.
ON BEHALF OF PRIMELINE ENERGY HOLDINGS INC.
Chief Executive Officer
PRIMELINE ENERGY HOLDINGS INC.
Dr. Ming Wang
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
Fax: +1 416.868.6198
Please visit the Company’s website at www.pehi.com. Should you wish to receive Company news via email, please email Chelsea@chfir.com and specify “Primeline Energy” in the subject line.
This news release does not constitute an offer to sell, or the solicitation of an offer to buy securities in any jurisdiction, including the United States, or to or for the account or benefit of U.S. persons absent U.S. registration or an applicable exemption therefrom, nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state. The Rights and the Shares issuable on exercise of the Rights will not be and have not been registered under the U.S. Securities Act, and may not be offered or sold in the United States or to, or for the account or benefit of, a U.S. person.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.