Not for distribution to U.S. newswire services or for dissemination in the United States.
VANCOUVER, British Columbia, April 01, 2019 (GLOBE NEWSWIRE) -- Taiga Mining Company, Inc. (“Taiga”) announces that on March 28, 2019, Taiga acquired 1,330,000 common shares (the “Shares”) of Graphite One Inc. (the "Issuer") at a price of Cdn$0.50 per share, for aggregate consideration in the amount of Cdn$665,000 (the “Transaction”).
Prior to the Transaction, Taiga had beneficial ownership and control of 6,269,553 common shares of the Issuer, representing approximately 19.22% of the Issuer’s issued and outstanding common shares as of such date. Following the completion of the Transaction, Taiga now has beneficial ownership and control of an aggregate of 7,599,553 common shares of the Issuer, or approximately 22.39% of the Issuer’s issued and outstanding common shares as of the date of this press release, representing an increase of approximately 3.17%. In addition, Taiga and its joint actors hold 6,369,553 common share purchase warrants of the Issuer as of March 28, 2019, and which, if exercised, would result in the Acquiror having beneficial ownership and control over an aggregate of 12,639,106 common shares of the Issuer representing approximately 31.35% of the outstanding common shares of the Issuer on a partially diluted basis (assuming no other shares were issued and no other convertible securities were converted by the Issuer).
The joint actors involved in the Transaction are Jerome Birch and Kevin Greenfield.
The Shares were issued from the treasury of the Issuer pursuant to a conversion of debt owed by the Issuer to Taiga, which was approved at a special meeting of shareholders of the Issuer held on February 22, 2019. The common shares of the Issuer are listed on the TSX Venture Exchange and trade under the symbol "GPH".
The securities of the Issuer acquired by Acquirors are held for investment purposes. The Acquirors will review their investment in the Issuer’s securities on a continuing basis and such holdings may be increased or decreased in the future. The Acquirors may in the future acquire or dispose of common securities of the Issuer, through the open market, privately or otherwise, as circumstances or market conditions dictate.
Taiga has filed an early warning report pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues describing the above transactions with applicable securities regulatory authorities, a copy of which is available on SEDAR at www.sedar.com.
The Issuer’s head office is located at 777 Hornby Street, Suite 600, Vancouver, British Columbia, V6Z 1S4.
For further information or for a copy of the early warning report, please contact:
Taiga Mining Company, Inc.
1029 W. 3rd Avenue, Suite 600
Anchorage, AK 99501
Telephone: 907-242-3411