TORONTO, ONTARIO--(Marketwired - July 7, 2016) - Paul H. Stephens ("Stephens") announces that he has ceased to control or direct 507,000 Orosur Mining Inc. ("Orosur") common shares (the "Sold Shares"), representing approximately 0.51% of the issued and outstanding common shares of Orosur (the "Common Shares"). The Sold Shares were disposed of through the facilities of the Toronto Stock Exchange at a price of Cdn.$0.2394 per Sold Share for gross proceeds of approximately Cdn.$121,376 (the "Transaction").
Prior to the completion of the Transaction, Stephens owned, or controlled or directed, 10,393,625 Common Shares, representing approximately 10.50% of the issued and outstanding Common Shares.
Immediately following the completion of the Transaction, Stephens: (i) owned 9,100,625 Common Shares, representing approximately 9.20% of the issued and outstanding Common Shares; and (ii) as portfolio manager at Stephens Investment Management, LLC ("SIM"), exercised control or direction over 786,000 Common Shares held by Orphan Fund, LP, representing approximately 0.79% of the issued and outstanding Common Shares; and thereby collectively owns, or exercises control or direction over, 9,886,625 common shares, representing approximately 9.99% of the issued and outstanding Common Shares.
The Sold Shares were disposed of for investment purposes. Depending on market and other conditions, Stephens and any joint actors may from time to time in the future increase or decrease their ownership, control or direction over Common Shares or other securities of Orosur, through market transactions, private agreements or otherwise. Other than with respect to the disposition of 200,000 Common Shares by SIM following the completion of the Transaction, neither Stephens nor any joint actors currently has other plans or intentions to acquire or dispose of any other Common Shares.
A copy of an "Early Warning Report" filed with the applicable Canadian securities regulatory authorities will be available under Orosur's profile at www.sedar.com and may also be obtained by contacting Stephens at (415) 677-5440.
The issuance of this news release is not an admission that an entity named herein owns or controls any described securities or is a joint actor with another named entity.