Sirius Resources Fund I Ltd.

October 30, 2009 10:59 ET

Sirius Announces Acquisition of Mukuba Common Shares

TORONTO, ONTARIO--(Marketwire - Oct. 30, 2009) - Sirius Resources Fund I Ltd. ("Sirius") is pleased to announce that is has acquired ownership and control of 4,809,811 common shares ("Common Shares") of Mukuba Resources Limited (the "Company") as a result of a dividend distribution by a holding company, Mukuba Resources Limited (Guernsey). In addition, Sirius acquired 984,000 Common Shares in connection with the automatic conversion of previously issued special warrants of the Company on June 15, 2009. The Common Shares are not currently listed on any stock exchange.

In addition to the above-noted acquisitions, Sirius holds:

  • 2,474,668 Common Shares, representing approximately 8% of the current issued and outstanding Common Shares;
  • 1,000,000 warrants, with each warrant entitling it to purchase one Common Share at an exercise price of $0.35 per share until June 23, 2010; and
  • 2,858,000 special warrants to acquire units of the Company at a price of $0.35 per Special Warrant, convertible into up to 3,000,900 Common Shares and up to 1,500,450 warrants of the Company;

If all the warrants now held by, and potentially issuable to Sirius are exercised and all special warrants held by it are converted into the maximum number of Common Shares issuable thereunder, Sirius would acquire up to an additional 5,501,350 Common Shares, for a total of 13,769,829 Common Shares, representing approximately 38% of the issued and outstanding Common Shares, based on a total of 35,973,293 Common Shares then issued and outstanding. The 35,983,293 Common Shares has been calculated to include only the maximum number of Common Shares issuable to Sirius on (i) the conversion of the special warrants for Common Shares and warrants of the Company, assuming the exercise of all such; and (ii) the exercise of all other warrants held by it, in each case, added to the 30,471,943 Common Shares currently issued and outstanding.

Sirius has acquired the above-noted shares of the Company for investment purposes. Sirius may, from time to time, acquire additional securities of the Company, dispose of some or all of the existing or additional securities, or may continue to hold the current position. Sirius' registered address is c/o Cricket Square, Hutchins Drive, PO Box 2681, Grand Cayman KY1-1111, Cayman Islands.

Contact Information

  • Paul Siveyer
    + 44 (0) 1481 743 898