Oban Mining Corporation

Oban Mining Corporation

March 08, 2016 08:40 ET

Oban Mining Files Early Warning Report

TORONTO, ONTARIO--(Marketwired - March 8, 2016) - Oban Mining Corporation ("Oban") today announces that it has filed an early warning report in respect of its holdings in Kilo Goldmines Ltd. ("Kilo"). Oban has expanded the purposes for which it may continue to own or control 15,600,000 common shares of Kilo ("Kilo Shares") and 14,100,000 common share purchase warrants of Kilo ("Kilo Warrants" and, together with the Kilo Shares, the "Kilo Holdings"). Oban has determined that, in addition to the investment purpose for which it owns or controls the Kilo Holdings, it may also use the Kilo Holdings for purposes of influencing the corporate, managerial and strategic policies of Kilo.

Oban owns or controls 15,600,000 Kilo Shares, representing approximately 24.3% of the total number of issued and outstanding Kilo Shares, as well as 14,100,000 Kilo Warrants to acquire an additional 14,100,000 Kilo Shares. Assuming the exercise by Oban of all 14,100,000 Kilo Warrants, Oban would own or control an aggregate of 29,700,000 Kilo Shares, representing approximately 46.4% of the total number of issued and outstanding Kilo Shares (on a partially diluted basis after giving effect only to the exercise of the Kilo Warrants held by Oban).

Oban may increase or decrease its ownership or control in securities of Kilo depending on, among other factors, market conditions and other factors relevant to the strategic decisions of Oban.

This news release is being issued in accordance with National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the filing of an early warning report dated March 8, 2016. The early warning report has been filed on the System for Electronic Document Analysis and Review ("SEDAR") under Kilo's issuer profile at www.sedar.com. To obtain a copy of the early warning report filed by Oban, please contact John Burzynski at (416) 363-8653 or refer to SEDAR under Kilo's issuer profile at www.sedar.com.

Oban's head office is located at 155 University Avenue, Suite 1440, Toronto, Ontario M5H 3B7.

Contact Information

  • John Burzynski
    President & Chief Executive Officer
    (416) 363-8653