MM Asset Management Inc.

January 18, 2012 10:54 ET

MM Asset Management Inc. Acquires Control Over Common Shares of Crocodile Gold Corp.

TORONTO, ONTARIO--(Marketwire - Jan. 18, 2012) - MM Asset Management Inc. ("MMAM") announced that one fund it manages and advises, MMCAP International Inc. SPC ("MMCAP"), has acquired 13,596,250 common shares ("Shares") of Crocodile Gold Corp. ("Crocodile") since a take-over bid for up to 215,386,435 of the outstanding Shares was filed by Armant, LLC with the securities regulatory authorities on December 23, 2011. The Shares were acquired through the facilities of the Toronto Stock Exchange.

MMCAP now beneficially owns and MMAM exercises control and direction over 19,078,000 Shares and 750,000 warrants of Crocodile, each exercisable into one Share, representing in the aggregate approximately 6.3735% of the outstanding Shares, calculated on a partially-diluted basis based on 310,348,771 outstanding Shares as of January 6, 2012 as per Crocodile's Directors' Circular dated January 9, 2012.

MMCAP has acquired such securities for investment purposes only. Depending on market conditions and other factors, MMCAP may from time to time acquire additional securities of Crocodile or dispose of such securities in the open market, by private agreement or otherwise.

Contact Information

  • MM Asset Management Inc.
    Matthew MacIsaac
    Secretary
    416.408.0997