Zaruma Gold Mining Ltd.

November 21, 2011 14:54 ET

Acquisition of Securities of Red Tiger Mining Inc.

ROAD TOWN, TORTOLA, BRITISH VIRGIN ISLANDS--(Marketwire - Nov. 21, 2011) - Zaruma Gold Mining Ltd. ("ZGML"), c/o Trident Trust Company BVI Limited, Trident Chambers, PO Box 146, Road Town, Tortola, British Virgin Islands, announces that, pursuant to a private transaction (the "Transaction"), its joint actor Kirkland Intertrade Corp. ("Kirkland"), c/o Trident Trust Company BVI Limited, Trident Chambers, PO Box 146, Road Town, Tortola, acquired beneficial ownership of and/or control or direction over 1,766,094 common shares (the "Acquired Shares") of Red Tiger Mining Inc. (the "Corporation").

Prior to the acquisition of the Acquired Shares, Kirkland beneficially owned and/or exercised control or direction over 202,398 common shares of the Corporation (each, a "Common Share") and 12,313,980 common share purchase warrants of the Corporation (each, a "Warrant"). This represented approximately 0.3% of the issued and outstanding Common Shares and when combined with the 39,242,000 Common Shares beneficially owned and/or controlled or directed by ZGML, represented approximately 60.5% of the issued and outstanding Common Shares.

Following the acquisition of the Acquired Shares, Kirkland beneficially owns and/or exercises control or direction over 1,968,492 Common Shares. This represents approximately 3% of the issued and outstanding Common Shares and when combined with the 39,242,000 Common Shares beneficially owned and/or controlled or directed by ZGML, represents approximately 63.2% of the issued and outstanding Common Shares on an undiluted basis (or 81,683,890 Common Shares or approximately 77.3% on a partially diluted basis, assuming exercise of the 12,313,980 Warrants held by Kirkland and the 392,420,000 Warrants held by ZGML).

The Transaction was completed outside of any market or other facility.

The Acquired Shares were acquired for investment purposes. Kirkland and/or ZGML may, in the future, increase or decrease their respective ownership of securities of the Corporation, directly or indirectly, from time to time depending upon the business and prospects of the Corporation and future market conditions.

An early warning report (the "EWR") will be filed on SEDAR and will be available for review at www.sedar.com under the Corporation's profile. A copy of the EWR can be obtained from the contact below.

Contact Information

  • Marvin Singer
    (416) 203-4426