CALGARY, Nov. 26 /CNW/ - Galleon Energy Inc. ("Galleon" or the
"Corporation") announces that it has determined the conversion ratio for the
conversion of its outstanding Class B shares into Class A shares which will be
effective December 15, 2008. Each Class B share will be converted into 1.86475
Class A shares. The conversion ratio was arrived at in accordance with the
provisions attaching to the Class B shares by dividing $10.00 by $5.36264,
being the weighted average trading price for the Class A shares on the Toronto
Stock Exchange (the "TSX") for the 30 consecutive trading days commencing on
October 15, 2008.
Registered holders of Class B shares will be mailed certificates for
Class A shares following the conversion date and do not need to submit their
certificates for Class B shares to Galleon. Upon mailing of the certificates
for Class A shares issued on conversion of Class B shares, the holders of the
Class B shares shall have no further rights in respect thereof.
The conversion of Class B shares will result in the issuance of
approximately 1,720,232 Class A shares (subject to rounding for fractional
shares).
The TSX has advised that trading in the Class B shares will be halted at
the close of trading on December 10, 2008 and that the Class B shares will be
delisted on the close of trading on December 15, 2008.
As a result of the delisting of the Class B shares, the Class A shares
will, effective December 16, 2008, trade on the TSX under the symbol "GO".
