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Platino Energy Corp.

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Last Post: 1/11/2013 11:54:11 AM - Followers: 0 - Board type: Free - Posts Today: 0

Platino Energy Corp is a newly formed exploration company created from merger between C&C Energia and Pacific Rubiales


Initial PR

Platino Energy Corp. ("Platino") began operations today as a newly formed exploration, evaluation and development business focused on the Morpho, Coati, Andaquíes and Putumayo-8 Blocks in Colombia. Platino was formed as a result of a plan of arrangement (the "Arrangement") involving C&C Energia Ltd., ("C&C Energia"), Pacific Rubiales Energy Corp. ("Pacific Rubiales") and Platino. The Arrangement involved the acquisition by Pacific Rubiales of all of the outstanding common shares of C&C Energia ("C&C Energia Shares"). Pursuant to the Arrangement, the holders C&C Energia Shares received, for each C&C Energia Share held, 0.3528 of a common share of Pacific Rubiales, cash consideration of Cdn. $0.001 and one common share of Platino (each a "Platino Share"). Pacific Rubiales has retained a 5% equity interest in Platino.

Platino will carry on the business previously carried on by C&C Energia in respect of the assets transferred to Platino through the Arrangement and, having been initially capitalized with approximately US$88.5 million in cash (subject to certain expense reimbursement obligations and working capital adjustments) transferred from C&C Energia, is expected to begin its operations with a net cash position of approximately US$80.0 million.

"Platino is a new company, but with assets and a management team drawn from C&C Energia. We are already familiar to many of our shareholders," said Randy McLeod, President of Platino. "We are moving forward with a well-defined plan, which will initially focus on activities related to progressing our understanding of our asset base. In addition, the management team of Platino will also consider opportunities that will potentially yield value to the shareholders of Platino."

Platino and C&C Energia intend that the exploration and production contracts in respect of the properties transferred to Platino will be amended by the ANH, the Colombian hydrocarbons regulator, to reflect that a subsidiary of Platino is the operator of such properties. The parties to the Arrangement expect that the ANH will not object to Platino becoming the operator of the relevant properties. However, the parties have agreed that if operation of the properties by Platino or its subsidiaries is objected to by the ANH a subsidiary of C&C Energia will continue to operate the properties for Platino until alternative arrangements are made under which Platino or a subsidiary thereof can serve as operator. In any of such circumstances Platino or a subsidiary thereof will remain the holder of the participating interest in each of the exploration and production contracts.

Conditional listing approval for the Platino Shares issuable pursuant to the Arrangement has been received from the TSX Venture Exchange (the "TSX-V"). Provided that all of the listing conditions of the TSX-V are met, trading of the Platino Shares on the TSX-V under the symbol 'PZE' is expected to commence on or about January 4, 2013 with the C&C Energia Shares to be delisted from the Toronto Stock Exchange on or about January 3, 2013.

About Platino Energy

Platino is a Calgary, Alberta headquartered resource company engaged in the exploration for, and the acquisition, development and production of, hydrocarbons in Colombia.

#1   Platino Energy Corp. Announces Senior Management Team and MoneyMan 01/11/13 11:54:11 AM
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