Faith Union Industries Limited

July 23, 2012 18:16 ET

Acquisition of Securities of Red Tiger Mining Inc.

ROAD TOWN, TORTOLA, BRITISH VIRGIN ISLANDS--(Marketwire - July 23, 2012) - Faith Union Industries Limited ("Faith Union"), c/o Quijano & Associates (BVI) Limited Quijano Chambers, P.O. Box 3159, Road Town, Tortola, British Virgin Islands announces that, pursuant to a private transaction (the "Transaction"), it has acquired beneficial ownership of and/or control or direction over 19,546,000 common shares (the "Acquired Shares") and common share purchase warrants (the "Acquired Warrants") entitling the holder to acquire 19,546,000 common shares of Red Tiger Mining Inc. (the "Corporation").

Prior to the acquisition of the Acquired Shares and the Acquired Warrants, Faith Union did not beneficially own and/or exercise control or direction over any common shares of the Corporation (each, a "Common Share") or any other securities of the Corporation.

Following the acquisition of the Acquired Shares, Faith Union beneficially owns and/or exercises control or direction over 19,546,000 Common Shares, representing approximately 28.2% of the issued and outstanding Common Shares on an undiluted basis. The Acquired Shares, combined with the 3,515,081 Common Shares beneficially owned and/or controlled or directed by Unique Goals International Ltd ("Unique"), a joint actor of Faith Union, total 23,061,081 Common Shares, representing approximately 33.3% of the issued and outstanding Common Shares on an undiluted basis (or 44,425,262 Common Shares or approximately 49.1% on a partially diluted basis, assuming exercise of the warrants entitling Faith Union to acquire 19,546,000 Common Shares and the warrants entitling Unique to acquire 1,818,181 Common Shares).

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

The Acquired Shares and Acquired Warrants were transferred to Faith Union in exchange for the disposition by Faith Union of 25,000 shares (the "Consideration Shares") of Zaruma Gold Mining Ltd. ("ZGML") to Kirkland Intertrade Corp. ("Kirkland"). The Consideration Shares represented Faith Union's entire interest in ZGML, and the Transaction was completed in order to separate Faith Union and Kirkland's respective interests in the Corporation.

The value of the Consideration Shares was determined to be equal to the value of the Acquired Shares and Acquired Warrants.

Faith Union may, in the future, increase or decrease its 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

  • Faith Union Industries Limited
    Evgeniy Konstantinidi
    +7495 956 9449