VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 07/15/11 — Mr. Daniel A. Carriere announces that he has acquired deemed beneficial ownership of a total of 8,150,476 common shares (the “Shares”) in the capital of Terrace Energy Corp. (TSX VENTURE: TZR) (“Terrace”) upon entering into share purchase agreements with certain shareholders of Terrace. A total of 7,335,428 Shares are currently being held in escrow and the transfer within escrow of those Shares is subject to the approval of the TSX Venture Exchange.
After giving effect to the acquisition referred to above, Mr. Carriere beneficially owns a total of 8,150,476 common shares of Terrace and stock options exercisable to purchase an aggregate of 250,000 common shares of Terrace, which collectively represent 19.94% of Terrace–s issued and outstanding common shares on a non-diluted basis or 19.99% of Terrace–s issued and outstanding common shares calculated on a partially-diluted basis assuming the exercise of the stock options held by Mr. Carriere that have vested as of the date hereof.
Beneficial ownership of the Shares was acquired by Mr. Carriere in private transactions for a price of $0.10 per Share. Mr. Carriere acquired the Shares for investment purposes. He intends to evaluate his investment in Terrace and to increase or decrease his beneficial shareholdings from time to time as he may determine appropriate for investment purposes.
A copy of the early warning report filed on SEDAR by Mr. Carriere may be obtained by contacting Murray Oliver, a director of Terrace at (604) 687-0008.
Neither 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.
Contacts:
Terrace Energy Corp.
Murray Oliver
Director
(604) 687-0008