Electrum Strategic Opportunities Fund L.P.

October 30, 2015 16:30 ET

Electrum Strategic Opportunities Fund L.P. Acquires 12,195,122 Units of Kaminak Gold Corporation

NEW YORK, NEW YORK--(Marketwired - Oct. 30, 2015) - Electrum Strategic Opportunities Fund L.P. ("Electrum") announces that, pursuant to a private placement of Kaminak Gold Corporation ("Kaminak") which closed on October 30, 2015 (the "Closing"), Electrum subscribed for 12,195,122 units of Kaminak (the "Units") at a subscription price of $10,000,000 (the "Offering"). Each Unit is comprised of one Class A common share in the capital of Kaminak (a "Common Share") and one half of one Common Share purchase warrant (a "Warrant"). Each whole Warrant shall entitle the holder thereof to purchase one Common Share at a price of $1.05 until the second anniversary of the date of its issuance (subject to acceleration as set forth in the certificate representing the Warrants).

As a result of the Offering, Electrum holds: (i) 12,195,122 Common Shares, or 7.12% of the issued and outstanding Common Shares; and (ii) 6,097,561 Warrants. Should Electrum exercise all of the Warrants, Electrum would hold 18,292,683 Common Shares, representing approximately 10.32% of the issued and outstanding Common Shares (on a partially diluted basis).

The Units were acquired for investment purposes and Electrum and/or one or more of its affiliates may, depending on market and other conditions, increase or decrease its beneficial ownership of Common Shares or other securities of Kaminak whether in the open market, by privately negotiated agreement or otherwise.

Electrum is an "accredited investor" (as such term is defined in National Instrument 45-106 - Prospectus Exemptions adopted by the Canadian Securities Administrators ("NI 45-106")) because Electrum is a "person" (as such term is defined in NI 45-106) in respect of which all of the owners of interests, direct, indirect or beneficial, except the voting securities required by law to be owned by directors, are persons that are "accredited investors".

Electrum is located at 700 Madison Avenue, 5th Floor, New York, NY, USA 10065. A copy of the early warning report relating to the Closing can be obtained from Michael Williams (646-365-1600) or on the SEDAR profile of Kaminak at www.sedar.com.

Contact Information

  • Michael Williams