Toscana Energy Income Corporation Announces Conversion of
Outstanding Series A Preferred Shares and Confirms Dividends
CALGARY,
Dec. 17, 2012 /CNW/ - Toscana
Energy Income Corporation ("Toscana Energy" or the "Corporation")
(TSX Venture: TEI) announced that effective December 31, 2012 all 580,128 of the
outstanding Series A Cumulative Preferred Shares in the
capital of the Corporation (the "Preferred Shares") will be
automatically converted into 580,128 common shares in the capital
of the Corporation ("Common Shares") on a one for one basis.
Under the Articles of the Corporation, all of the Preferred Shares
may be converted into Common Shares at the option of the
Corporation if the weighted average trading price of the Common
Shares is not less than $15.00 per
share for 20 consecutive trading days. The weighted average
trading price of the Common Shares for the 20 consecutive trading
day period ended December 5,
2012 was $15.37 per share.
The Corporation confirms that the holders of
Preferred Shares of record on December 28,
2012 will be paid a cash dividend of $0.30 per Preferred Share on December 31, 2012 in accordance with
the Articles of the Corporation.
The Corporation also confirms a cash dividend of
$0.135 per Common Share (or the
equivalent of $0.405 per Common Share
on a quarterly basis) to be paid on January 15, 2013 in respect of
December 2012 production of the
Corporation for holders of Common Shares of record on December 28, 2012. The ex-dividend date is
December 26, 2012. Once paid,
total cash dividends distributed by the Corporation to its holders
of Common Shares during the 2012 calendar year will be $1.605 per Common Share.
About Toscana Energy Income Corporation
Toscana Energy Income Corporation is a
conventional oil and gas producer with the mandate to acquire high
quality, long life oil and gas assets including royalties,
non-operated working interests and unitized production for yield
and capital appreciation. Toscana Energy Income Corporation is
managed by Sprott Toscana through Toscana Energy Corporation.
Sprott Toscana is a member of the Sprott Group of Companies.
About Sprott Toscana
Sprott Toscana (formerly Toscana Merchant Group)
is a team of Calgary-based energy
specialists that manage three separate businesses: Toscana Energy
Income Corporation (through Toscana Energy Corporation), Toscana
Financial Income Trust and Maple Leaf Energy Income LPs. In
July 2012, Toscana Merchant Group
joined the Sprott Group of Companies when it was acquired by Sprott
Inc. (TSX: SII), Canada's leading
alternative asset manager and a global leader in resource
investing.
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.
SOURCE Toscana Energy Income Corporation