Northwestern Enterprises Ltd.

January 09, 2017 17:08 ET

Northwestern Enterprises Ltd. Acquires Ordinary Shares of Rio Novo Gold Inc.

ROAD TOWN, BRITISH VIRGIN ISLANDS--(Marketwired - Jan. 9, 2017) - Northwestern Enterprises Ltd. ("Northwestern"), a company beneficially owned by Paulo Carlos de Brito, announces that it has acquired 15,000,000 ordinary shares of Rio Novo Gold Inc. ("Rio Novo"), or approximately 9.9% of Rio Novo's issued and outstanding ordinary shares. The ordinary shares were acquired pursuant to a private placement at a deemed price of CDN$0.085 per share for an aggregate purchase price of CDN$1,275,000. The subscription price for the ordinary shares was satisfied by Northwestern tendering for cancellation outstanding promissory notes having an aggregate principal balance of US$951,424.54.

After giving effect to the private placement, Northwestern owns or has control or direction over an aggregate of 117,037,414 ordinary shares representing approximately 70.3% of Rio Novo's issued and outstanding ordinary shares.

The acquisition of the ordinary shares was completed as part of Northwestern's ongoing review of its investment holdings, and to permit it to increase its ownership position in Rio Novo. Northwestern intends to evaluate its investment in Rio Novo on a continuing basis and may, depending on market conditions or any other relevant factors, increase or decrease its ownership, control or direction over ordinary shares or other securities of Rio Novo, through market transactions, private agreements or otherwise.

Contact Information

  • For additional information, or to obtain a copy of the
    report required pursuant to the early warning reporting
    requirements, please contact:
    Paulo Carlos de Brito
    +5511 2164-7345

    Northwestern Enterprises Ltd.
    Morgan & Morgan Building
    Pasea Estate, Road Town
    Tortola, British Virgin Islands