Evanachan Limited

March 04, 2014 15:17 ET

Evanachan Limited Files Early Warning Report in Connection With Private Placement in Laurentian Goldfields

TORONTO, ONTARIO--(Marketwired - March 4, 2014) - Evanachan Limited ("Evanachan") has subscribed, by way of a private placement, for twelve million (12,000,000) units (the "Units") of Laurentian Goldfields Ltd. ("Laurentian") at a price of $0.25 per Unit for an aggregate amount of $3,000,000. Each Unit consists of one (1) common share and one-half (1/2) of one common share purchase warrant (the "Transaction"). Each common share purchase warrant entitles Evanachan to purchase one (1) additional common share in Laurentian at a price of $0.50 for a period of 30 months from the date of closing, which took place today, March 4, 2014. The common shares and common share purchase warrants purchased pursuant to the Transaction represent ownership of approximately 12.42% of the issued and outstanding shares of Laurentian post closing (or approximately 17.53% assuming the exercise of the warrants comprising the Units only).

Evanachan, a corporation wholly owned by Robert R. McEwen, entered into the Transaction for investment purposes and may increase or reduce its investment in Laurentian according to market conditions or other relevant factors.

Upon completion of the Transaction, Evanachan will hold 12,000,000 common shares representing 12.42% of the issued and outstanding common shares together with 6,000,000 common share purchase warrants exercisable into common shares, for a total of 18,000,000 shares of Laurentian, representing approximately 17.53% of Laurentian's common shares (assuming the exercise of the warrants comprising the Units only).

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
    181 Bay Street, Suite 4750
    Bay Wellington Tower
    Toronto, ON M5J 2T3
    (647) 258-0395