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Estrella International Energy Services Ltd Announces Transaction And Operational Update And Resignation Of CEO

Monday, 4 Nov 2013 09:17am EST 

Estrella International Energy Services Ltd announced that the Company has completed its previously announced private placement (Private Placement) of Series B Preference Shares to Ringo Holding L.P for aggregate gross proceeds to the Company of CAD123,322,570. On November 1, 2013, the Company issued 24,664,514 Series B Preference Shares of the Company to Ringo at an issue price of CAD5.00 per share, for aggregate gross proceeds to the Company of CDN$123,322,570. As previously disclosed, the proceeds of the private placement were used to repay all outstanding indebtedness owing by the Company to Ringo. The Company also announced that Warren Levy has tendered his resignation as President and Chief Executive Officer of the Company. 

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