ELECTRUM STRATEGIC OPPORTUNITIES FUND L.P. ACQUIRES UNITS OF
NEW YORK, May 12, 2022
This press release is issued pursuant to Multilateral Instrument 62-104 – Take-Over Bids and Issuer Bids and National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues.
NEW YORK, May 12, 2022 /CNW/ – Pursuant to a private placement of (the “issuer“) which closed on May 11, 2022, Electrum Strategic Opportunities Fund L.P. (“Electrum“) subscribed for and purchased 1,176,470 units of the issuer (the “Units“) at an aggregate subscription price of CAD$99,999.95 or CAD$0.085 per Unit (the “Transaction“). Each Unit is comprised of one common share in the capital of the issuer (a “Common Share“) and one-half of one Common Share purchase warrant (“Warrant“). Each whole Warrant shall entitle the holder thereof to purchase one additional Common Share at a price of CAD$0.125 until May 10, 2025.
As a result of the Transaction, Electrum owns 131,338,097 Common Shares and 50,232,781 Warrants, representing approximately 30.3% of the issued and outstanding Common Shares or 37.5% upon exercise of the Warrants (assuming the exercise of all of the Warrants beneficially owned by Electrum, and that no other securities, including those convertible into, or exercisable for, the issuer’s securities, are issued, converted or exercised prior to the exercise of the Warrants).
As at the date of the filing of Electrum’s last Form 62-103F1 relating to its securityholdings of the issuer (the “Last Filing“), being April 20, 2022, Electrum owned 130,161,627 Common Shares and 49,644,546 Warrants, representing approximately 32.5% of the issued and outstanding Common Shares or approximately 39.9% upon the exercise of the Warrants (assuming the exercise of all of the Warrants beneficially owned by Electrum, and that no other securities, including those convertible into, or exercisable for, the issuer’s securities, are issued, converted or exercised prior to the exercise of the Warrants).
The securities referred to above were acquired for investment purposes and Electrum and/or one or more of its affiliates may, depending on market and other conditions, increase or decrease its beneficial ownership of Common Shares or other securities of the issuer whether in the open market, by privately negotiated agreement or otherwise.
Electrum and the issuer entered into a unit purchase agreement (the “Purchase Agreement“) to acquire the Units. The Purchase Agreement contains customary representations, warranties, covenants, closing conditions and indemnification provisions for a transaction of a similar size and nature.
Electrum is an “accredited investor” (as such term is defined in National Instrument 45-106 – Prospectus Exemptions adopted by the Canadian Securities Administrators (“NI 45-106“)) because Electrum is a “person” (as such term is defined in NI 45-106) in respect of which all of the owners of interests, direct, indirect or beneficial, except the voting securities required by law to be owned by directors, are persons that are “accredited investors”.
The issuer is located at 3001 – 130 Adelaide Street West, Toronto, Ontario M5H 3P5. Electrum is located at 535 Madison Avenue, 12th Floor, New York, NY 10022, USA. A copy of the early warning report to which this news release relates can be obtained from Michael Williams (646-365-1600) or on the SEDAR profile of the issuer at www.sedar.com.
SOURCE Electrum Strategic Opportunities Fund L.P.
BMEX Extends Gold Corridor, Makes New Gold Discovery and Reports Base Metals Intersections at Dunlop Bay
Vancouver, British Columbia–(Newsfile Corp. – February 9, 2023) – BMEX Gold Inc. (TSXV: BMEX) (OTCQB: MRIRF) (FSE: 8M0) ("BMEX" or the "Company") is pleased…
Kuya Silver Signs Toll-Milling Agreement To Produce Silver-Lead and Zinc Concentrates From The Bethania Project
Vancouver, British Columbia–(Newsfile Corp. – February 9, 2023) – Kuya Silver Corporation (CSE: KUYA) (OTCQB: KUYAF) (FSE: 6MR1) (the "Company" or "Kuya…
Endurance Reports Drill Results from Imperial Zone Extends Strike to 135 M with 3.63 gpt Gold over 5.0 M and 3.52 gpt Gold over 14.1 M
Vancouver, British Columbia–(Newsfile Corp. – February 9, 2023) – Endurance Gold Corporation (TSXV: EDG) (OTC Pink: ENDGF) (FSE: 3EG) (the "Company")…
Honey Badger Silver Announces Management Changes
GFG Expands High-Grade Gold Mineralization at Montclerg including 8.46 g/t Gold over 5.0 Metres
Tearlach Engages Drill Contractor for Phase 1 Drill Program at The Gabriel Lithium Project in Nevada
Prismo Metals Files Drilling Permit Application for Los Pavitos
Alianza Minerals Reprices Warrants and Announces Warrant Exercise Incentive Program
Avrupa Minerals to Continue Positive Progress in Finland, Portugal, and Kosovo in 2023
Galantas Gold Drills 22.5 Grams/Tonne Gold Over 2.7 Metres Within a 11.5-Metre Intersection
Ero Copper to Release Full Year and Fourth Quarter 2022 Financial and Operating Results on March 7, 2023
Fission Appoints Sustainable Mining Expert to the Board
Cross River Announces Final Tranche Closing of Private Placement Financing
Energy & Critical Metals23 hours ago
Newmont’s $24B Grab for Newcrest Highlights the Majors’ Increased Interest in Copper
Financing News24 hours ago
Wellfield Closes Acquisition of Tradewind Markets and Private Placement – Creates Transformational Platform for Precious Metals Investors and Producers
Companies22 hours ago
enCore Energy Closes C$34.5m Public Offering
Precious Metals17 hours ago
China Continues With Its Gold Buying Spree
Uncategorized20 hours ago
Ultra Lithium drills 2.68% Li2O over one metre at Forgan Lake, Ontario
Companies23 hours ago
Nevada Set to Become Lithium Capital of America as Industry Heats Up
Energy & Critical Metals23 hours ago
Canada Nickel Sees Anglo American Take 9.9% Stake As Part Of Offtake Deal
Companies16 hours ago
Drill Results Support US$88M Valuation for Mining Project