TORONTO, ONTARIO--(Marketwire - Jan. 28, 2013) -
NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA OR THROUGH U.S. NEWSWIRE SERVICES
On Friday, January 26, 2013, Norvista Resources Corporation ("Norvista") acquired direct ownership of 2,500,000 common shares ("Common Shares") in the capital of Highvista Gold Inc. ("Highvista") and 2,500,000 Common Share purchase warrants ("Warrants") pursuant to a private placement (the "Private Placement") of Highvista. The Private Placement consisted of an offering of units ("Units"), each Unit consisting of one Common Share and one Warrant. The Units were offered at a price of $0.20 per Unit. Each Warrant is exercisable to acquire one Common Share at a price of $0.25 per Common Share for a period of two years from the date of issuance.
Norvista held 3,541,751 Common Shares representing approximately 11.3% of the issued and outstanding Common Shares, on a non-diluted basis, before giving effect to the Private Placement.
After giving effect to the Private Placement, Norvista directly holds approximately 17.2% of the outstanding Common Shares. If the Warrants were to be exercised, Norvista would directly hold approximately 22.7% of the then outstanding Common Shares. The percentage of issued and outstanding Common Shares held by Norvista set out above has been calculated on a partially diluted basis, reflecting the exercise of the Warrants and no other increases in the issued and outstanding Common Shares.
Norvista acquired the Common Shares and Warrants of Highvista for investment purposes. Norvista may from time to time acquire ownership of, or control over, additional securities of Highvista, dispose of some or all of the existing or additional securities of Highvista that Norvista owns or controls, or may continue to own or continue to own or control the current position.
The parties relied on the accredited investor exemption available under section 2.5 of National Instrument 45-106 - Prospectus Exempt Distributions.