Evanachan Limited

September 12, 2013 16:49 ET

Evanachan Limited Files Early Warning Report in Connection With Private Placement in Ginguro Exploration Inc.

TORONTO, ONTARIO--(Marketwired - Sept. 12, 2013) - Evanachan Limited ("Evanachan") has subscribed, by way of a private placement for ten million units (the "Units") of Ginguro Exploration Inc. ("Ginguro") at a price of $0.10 per Unit for an aggregate of $1,000,000. Each Unit consists of one (1) common share and one half (1/2) of one Series 2013-1 share purchase warrant (the "Transaction"). Each 2013-1 share purchase warrant entitles Evanachan to purchase one (1) additional common share in Ginguro at a price of $0.15 for a period of 24 months from the date of issuance thereof. The Transaction closed in escrow on September 12, 2013. The common shares comprising in part, the Units, represents approximately 12% of the issued and outstanding common shares of Ginguro immediately post-closing (or approximately 17% on a partially diluted basis assuming exercise of the share purchase warrants comprising the Units only). The common shares were issued from Ginguro's treasury.

Upon completion of the Transaction, Evanachan owns and controls 15,375,000 common shares representing approximately 18.5% of the common shares of Ginguro outstanding immediately post-closing together with 7,500,000 common share purchase warrants exercisable into an equal number of common shares, for a total of 22,875,000 shares of Ginguro, representing approximately 25.3% of Ginguro's common shares (assuming the exercise of warrants currently held by Evanachan only).

Evanachan Limited entered into the Transaction for investment purposes and may increase or reduce its investment in Ginguro according to market conditions or other relevant factors.

A copy of the early warning report filed in connection with the Transaction will be made available on SEDAR (www.sedar.com).

Contact Information

  • Evanachan Limited
    Attn: Robert R. McEwen
    181 Bay Street, Suite 4750
    Bay Wellington Tower
    Toronto, ON M5J 2T3
    (647) 258-0395