TORONTO, ONTARIO--(Marketwired - Oct. 27, 2016) -
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OF AMERICA OR TO U.S. NEWS AGENCIES
Century Global Commodities Corporation ("Century" or the "Company") (TSX:CNT) and Sandy Chim announce their purchase of a total of 1,834,000 ordinary shares in the capital of the Company (the "Purchased Shares") from Champion Iron Mines Limited ("Champion"). The acquisition of these shares (the "Transaction") was completed through the facilities of the Toronto Stock Exchange as an open market transaction at a price of $0.175 per share, for an aggregate consideration of $320,950. Century acquired a total of 930,000 ordinary shares in the Transaction as a block purchase under its current Normal Course Issuer Bid (the "NCIB"). Century is instructing its transfer agent to cancel all 930,000 shares so repurchased.
Mr. Chim is the President and Chief Executive Officer, also serving as Chairman of the Board. He acquired from Champion a total of 904,000 ordinary shares in the Transaction. Immediately prior to the Transaction, Mr. Chim owned directly and controlled (through Thriving Century Limited ("Thriving Century"), a holding company owned and controlled by Mr. Chim), a total of 16,703,817 ordinary shares of the Company, corresponding to approximately 16.9% of the issued and outstanding ordinary shares of the Company. Immediately after the Transaction, Mr. Chim owns directly and controls (through Thriving Century) a total of 17,607,817 ordinary shares of the Company, corresponding to approximately 17.99% of the issued and outstanding ordinary shares (after giving effect to the cancellation of all 930,000 ordinary shares acquired by Century in the Transaction). Mr. Chim also holds options for 3,300,000 ordinary shares and share units that could result in the issuance of a further 400,000 ordinary shares upon vesting. Of these securities, options for a total of 933,333 shares are exercisable now and within 60 days, and if such options are exercised Mr. Chim would hold 18.77% of the Company's then outstanding shares. Mr. Chim acquired the 904,000 ordinary shares for investment purposes. Subject to compliance with applicable securities laws, Mr. Chim reserves the right to directly or indirectly purchase additional securities of the Company or dispose of securities of the Company.
Mr. Chim will file an Early Warning Report under the Company's profile on SEDAR. The Early Warning Report will include additional information prescribed under National Instrument 62-103 - The Early Warning System and Related Takeover Bid and Insider Reporting Issues. A copy of that report may also be obtained by contacting Mr. Sandy Chim at 416-977-3188, ext. 101.
Century Global Commodities Corporation (TSX:CNT) is building shareholder value through existing and entrepreneurial business units that meet continuing and growing demand from China, the largest market in human history.
With WISCO and Minmetals, both Global Fortune 500 Chinese strategic partners, Century owns one of the largest iron ore mineral resource bases in the world, across five projects in Quebec and Newfoundland and Labrador. Joyce Lake, a direct shipping ore project in Newfoundland and Labrador, is our most advanced project. It has completed feasibility and permitting studies and can be brought to production within approximately 30 months. We are maintaining our properties in preparation for a return to higher iron ore prices.
Base and Precious Metals
Century is monitoring investment and acquisition opportunities. When the right opportunity presents itself, our strong balance sheet will allow us to invest or acquire undervalued assets during the current down-cycle, positioning ourselves for gains when the market improves.
Technology and Financial Services
Century's award-winning team has harnessed multidisciplinary expertise to build a proprietary bilingual Chinese/English mining investment evaluation and tracking system. The database tracks daily over 1,500 globally listed mining and mineral resource companies with a primary focus on gold and copper and their 3,000 projects. We are now commercializing the technology for use by retail and institutional investors as well as mining professionals worldwide. Century Mining Database can be accessed via www.centurymining.cn.
Quality Food Services
Quality food products sourced from advanced countries are in great demand from the quickly-growing middle class in China. The emphasis is on the need for safe, high-quality food products. Century has established a professional marketing team and built a distribution system to serve Hong Kong and eventually Mainland China. Initial successes include contracts with one of the largest egg producers in Australia and supply contracts with hotels, restaurants, grocery chains as well as an international airline.
Century's website is www.centuryglobal.ca.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
THIS PRESS RELEASE CONTAINS "FORWARD-LOOKING INFORMATION" WITHIN THE MEANING OF CANADIAN SECURITIES LEGISLATION. THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF CENTURY AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. FORWARD-LOOKING INFORMATION INCLUDES INFORMATION THAT RELATES TO, AMONG OTHER THINGS, CENTURY'S INTENTION TO EVALUATE PROSPECTIVE TRANSACTIONS ARISING FROM THE REVIEW BY CENTURY OF ITS STRATEGIC OPTIONS AND ITS AVAILABLE WORKING CAPITAL. FORWARD-LOOKING INFORMATION IS BASED ON, AMONG OTHER THINGS, OPINIONS, ASSUMPTIONS, ESTIMATES AND ANALYSES THAT, WHILE CONSIDERED REASONABLE BY CENTURY AT THE DATE THE FORWARD-LOOKING INFORMATION IS PROVIDED, ARE INHERENTLY SUBJECT TO SIGNIFICANT RISKS, UNCERTAINTIES, CONTINGENCIES AND OTHER FACTORS THAT MAY CAUSE ACTUAL RESULTS AND EVENTS TO BE MATERIALLY DIFFERENT FROM THOSE EXPRESSED OR IMPLIED BY THE FORWARD-LOOKING INFORMATION. THE RISKS, UNCERTAINTIES, CONTINGENCIES AND OTHER FACTORS THAT MAY CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE EXPRESSED OR IMPLIED BY THE FORWARD-LOOKING INFORMATION MAY INCLUDE, BUT ARE NOT LIMITED TO, RISKS GENERALLY ASSOCIATED WITH CENTURY'S BUSINESS, AS DESCRIBED IN CENTURY'S ANNUAL INFORMATION FORM FOR THE YEAR ENDED MARCH 31, 2016. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE CENTURY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.