R.A.N. Bonnycastle

December 03, 2010 20:12 ET

Acquisition of Common Shares of Pacific Iron Ore Corporation

CALGARY, ALBERTA--(Marketwire - Dec. 3, 2010) - Pursuant to the disclosure requirements of applicable securities laws, R.A.N. Bonnycastle ("Bonnycastle") reports that he indirectly acquired ownership of a total of 3,231,579 common shares ("Common Shares") in the capital of Pacific Iron Ore Corporation (the "Corporation"), including 2,631,579 Common Shares which were issued on a "flow through" basis. The Corporation issued the Common Shares from treasury to Cavendish Investing Ltd., a private corporation controlled by Bonnycastle, at a price of Cdn $0.34 per Common Share ($0.38 if issued on a flow through basis).

Mr. Bonnycastle now beneficially owns, controls or has direction over, directly or indirectly, an aggregate of 30,382,731 Common Shares, representing 45.27% of the Corporation's outstanding Common Shares. Mr. Bonnycastle acquired the Common Shares pursuant to the Private Placement for investment purposes and may, depending on market and other conditions, increase or decrease his beneficial ownership, control or direction over Common Shares, through market transactions, private agreements, treasury issuances, exercise of convertible securities or otherwise. Mr. Bonnycastle is a director and Chairman of the Board of the Corporation. A copy of the related early warning report will be filed on the SEDAR website (www.sedar.com) or may be obtained directly by calling Ms. Carlyn Dahl at (403) 269-6795.

R.A.N. Bonnycastle

Contact Information

  • R.A.N. Bonnycastle
    Ms. Carlyn Dahl
    (403) 269-6795