Lightwater Partners, Ltd.

January 25, 2011 11:38 ET

Lightwater Partners, Ltd. Announces Holdings in Module Resources Incorporated

TORONTO, ONTARIO--(Marketwire - Jan. 25, 2011) - Lightwater Partners, Ltd. ("Lightwater"), announced today that it currently has control or direction over 6,825,000 common shares of Module Resources Incorporated (the "Issuer") and has a security holding percentage, calculated in accordance with National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues ("NI 62-103"), of approximately 20.28%.

Lightwater obtained control over common shares of the Issuer when it was appointed to act as portfolio manager for the frontierAlt Resource Capital Class Fund on August 1, 2010. Lightwater sold 550,000 shares at $0.08 per share in market transactions on the TSX Venture Exchange, as follows: (i) 218,000 shares on November 22, 2010; (ii) 82,000 shares on November 26, 2010; (iii) 100,000 shares on November 30, 2010; and (iv) 150,000 shares on December 16, 2010. 

The securities of the Issuer are held for investment purposes. Lightwater expects to review from time to time its investment in the Issuer and may, depending on the market and other conditions: (i) acquire securities or related financial instruments of the Issuer in the open market, in privately negotiated transactions or otherwise, and/or (ii) dispose of all or a portion of the securities or related financial instruments of the Issuer over which it now or hereafter exercises, or may be deemed to exercise, control or direction, or owns.

Lightwater intends to disclose future changes in holdings of securities of the Issuer in accordance with Part 4 of NI 62-103.

The issuance of this news release is not an admission that any entity named herein owns or controls any described securities or is a joint actor with another named entity.

Additional information is provided in the early warning report filed on www.sedar.com by Lightwater.

Contact Information

  • For further information or a copy of the early
    warning report please contact:
    Lightwater Partners, Ltd.
    Bryan Nunnelley, Partner & C.O.O.
    416.504.9767
    bnunnelley@lightwaterpartners.com