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Abstract
Renegade Petroleum Ltd. ("Renegade") (TSX VENTURE:RPL) and Canadian Phoenix Resources Corp. ("Canadian Phoenix") (TSX VENTURE:CXP) are pleased to jointly announce that additional voting support agreements (the "Additional Support Agreements") have been received from certain shareholders of Canadian Phoenix in connection with the previously announced plan of arrangement (the "Arrangement") involving Renegade, Canadian Phoenix, Canadian Phoenix Acquisition Corp. ("CPAC") and the securityholders of Canadian Phoenix and CPAC.
An aggregate of approximately 34.2 million common shares of Canadian Phoenix ("Canadian Phoenix Shares") or approximately 60.0% of the outstanding Canadian Phoenix Shares are now subject to voting support agreements pursuant to which such shareholders have agreed to vote in favour of the Arrangement. This includes the shareholders that recently entered into the Additional Support Agreements, who collectively beneficially own or exercise control and direction over approximately 14.0 million common shares of Canadian Phoenix ("Canadian Phoenix Shares"). A meeting of shareholders of Canadian Phoenix to consider the Arrangement is scheduled for 9:00 a.m. (Calgary time) on December 13, 2012 (the "Canadian Phoenix Meeting").
The forward-looking statements contained in this document are made as of the date hereof and neither Renegade nor Canadian Phoenix undertakes any obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. Please refer to Renegade's Annual Information Form dated April 27, 2012 (the "Renegade AIF") for additional risk factors relating to Renegade and Canadian Phoenix's Annual Information Form dated April 25, 2012 for additional risk factors relating to Canadian Phoenix, both of which are available for viewing on www.sedar.com.