Francis Scola

December 02, 2015 15:08 ET

Acquisition of Securities of Red Tiger Mining Inc.

MIAMI, FLORIDA--(Marketwired - Dec. 2, 2015) - Mr. Francis Scola ("Scola"), 3737 Collins Ave, Miami Beach Florida, 33140, announces that, pursuant to a private transaction (the "Transaction"), he acquired 55,866,152 common shares (the "Acquired Shares") of Red Tiger Mining Inc. ("Red Tiger"), representing approximately 43.61% of the issued and outstanding common shares of Red Tiger. Pursuant to the Transaction, Scola paid US$1,036,000 for the Acquired Shares, which is approximately US$0.0185 (equivalent to approximately CAD$0.0247 based on the US$ to CAD$ bank of Canada noon exchange rate of 1.3372 on December 1, 2015) per Red Tiger common share.

Prior to the acquisition of the Acquired Shares, Scola beneficially owned and/or exercised control or direction over 80,000 Red Tiger common shares, representing approximately 0.06% of the issued and outstanding common shares of Red Tiger on an undiluted basis. Scola also holds common share purchase warrants entitling Scola to acquire up to 16,800,000 Red Tiger common shares and Red Tiger stock options entitling him to acquire up to 600,000 Red Tiger common shares. Following the acquisition of the Acquired Shares, Scola beneficially owns and/or exercises control or direction over 55,946,152 Red Tiger common shares, warrants entitling him to acquire up to 16,800,000 Red Tiger common shares and stock options entitling him to acquire up to 600,000 Red Tiger common shares. This represents approximately 43.67% of the issued and outstanding Red Tiger common shares on an undiluted basis (or 73,346,152 common shares or approximately 50.41% on a partially diluted basis, assuming exercise of all of the warrants and stock options held by Scola).

The Transaction was a private transaction outside of any market or other facility.

The Acquired Shares were acquired for investment purposes. Scola may, in the future, increase or decrease his ownership of securities of Red Tiger, directly or indirectly, from time to time depending upon the business and prospects of Red Tiger 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 Red Tiger's profile. A copy of the EWR can be obtained from the contact below.

Contact Information

  • Francis Scola
    (646) 227 7544