Luxor Capital Announces Expiry of Offer and Takes-Up Deposited Common Shares

NEW YORK, Feb. 7, 2012 /PRNewswire/ - Luxor Capital Group, LP ("Luxor"), announced that as of 5:00 p.m. (Toronto time) today, the offer (the "Offer") by Armant, LLC (the "Offeror"), an affiliate of investment funds managed by Luxor, to purchase up to 215,386,435 of the issued and outstanding common shares ("Common Shares") of Crocodile Gold Corp. ("Crocodile Gold") not owned by the Offeror or its affiliates (the "Luxor Group") at a price of $0.62 per share, expired.  At the expiry time, an aggregate of approximately 170,618,271 Common Shares which, together with the Common Shares already owned or controlled by the Luxor Group, represents approximately 70% of the outstanding Common Shares, were validly deposited under the Offer.  As all of the terms and conditions of the Offer have been satisfied, investment funds affiliated with the Offeror have taken-up and accepted for payment all of the deposited Common Shares in accordance with the terms of the Offer.

Immediately following the take-up of the Common Shares deposited under the Offer, the Luxor Group has beneficial ownership of, and exercises control or direction over, 218,897,966 Common Shares and 17,087,588 warrants of Crocodile Gold, which represent approximately 71% of the outstanding Common Shares (after giving effect to the exercise of the warrants).  The Common Shares taken-up by the Luxor Group under the Offer represent approximately 54% of the outstanding Common Shares.

This news release contains summary information only about the Offer. Complete information about the Offer is contained in the Offer and related take-over bid circular (and other documents related to the Offer), copies of which are available at www.sedar.com.

The Offer is being made for the securities of a Canadian issuer and the Offer is subject to Canadian disclosure requirements. Shareholders should be aware that such disclosure requirements are different from those of the United States.

SOURCE Luxor Capital Group, LP

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