Maxim Finskiy

November 19, 2013 11:02 ET

Disposition of Securities of Red Tiger Mining Inc.

MOSCOW, RUSSIA--(Marketwired - Nov. 19, 2013) - Maxim Finskiy, 22 Tverskaya, Ulitsa, Moscow 125009, Russia, intends to dispose of 2,215,000 common shares ("Common Shares") representing approximately 2.2% of the issued and outstanding Common Shares of Red Tiger Mining Inc. ("Red Tiger") acquired through the facilities of the TSX Venture Exchange in March, April and May of 2013. Following completion of the sale Mr. Finskiy will beneficially own and/or exercise control or direction over 42,437,971 Common Shares, warrants entitling him to acquire up to 4,245,681 Common Shares and stock options entitling him to acquire up to 50,000 Common Shares, representing approximately 41.9% of the issued and outstanding Common Shares on an undiluted basis (or 46,733,652 Common Shares or approximately 44.25% on a partially diluted basis).

Mr. Finskiy's acquisition of the 2,215,000 Common Shares constituted a take-over bid as defined in the Securities Act (Ontario) (the "Act"). The market purchases were made on the belief that he could rely on the normal course purchase exemption in section 100 of the Act. Mr. Finskiy failed to appreciate the requirement in the Act that market purchases of securities of a class made in reliance on that exemption, together with other acquisitions made during the prior 12 month period, must not exceed 5% of the securities of that class. Having made private placement purchases in the prior 12-month period, accordingly the normal course purchase exemption was not available to Mr. Finskiy.

Mr. Finskiy reported the inadvertent purchases to staff of the Ontario Securities Commission after becoming aware that such purchases were not in compliance with the Act. Following discussions with staff of the Ontario Securities Commission, Mr. Finskiy has agreed to sell the 2,215,000 Common Shares that were acquired without an available exemption and to donate any profits to Red Tiger. Arrangements have also been made to insure compliance in all future trading activities by Mr. Finskiy governed by the Act.

Contact Information

  • John Sabine
    416.777.6237