Long Run Exploration Ltd. (Toronto Exchange: GO) announced the successful completion of the previously announced business combination of Guide Exploration Ltd. and WestFire Energy Ltd. pursuant to a plan of arrangement.

As a result of the arrangement, previous shareholders of Guide are entitled to receive 0.4167 common shares of Long Run for each outstanding common share of Guide previously held. Common shares of WestFire will continue to represent common shares of Long Run on a one-for-one basis. After giving effect to the arrangement, Long Run has approximately 110 million voting common shares outstanding and 15.5 million non-voting shares outstanding.

It is anticipated that the common shares of Guide will be delisted from the Toronto Stock Exchange and the common shares of Long Run will commence trading in substitution for the common shares of WestFire on the Toronto Stock Exchange under the trading symbol "LRE".

Long Run also has in place $500 million in credit facilities from a syndicate of Canadian and International banks. The credit facilities are comprised of a $450 million revolving facility having a three-year term maturing on May 31, 2015 and a $50 million non-revolving facility with a maturity date of May 31, 2013.

The bank syndicate is jointly led by The Bank of Nova Scotia and National Bank of Canada, and includes Alberta Treasury Branches; Wells Fargo Bank N.A. Canadian Branch; HSBC Bank Canada; The Toronto-Dominion Bank; Union Bank, Canada Branch; JPMorgan Chase Bank N.A., Toronto Branch; and United Overseas Bank Ltd.