Salida Capital International Limited

June 05, 2013 18:36 ET

Salida Capital International Limited Issues Early Warning News Release in Respect of Sabre Graphite Corp.

TORONTO, ONTARIO--(Marketwired - June 5, 2013) - Salida Capital International Limited ("Salida") announced today that it, on behalf of certain funds managed by it (the "Funds"), controls 10,438,745 common shares ("Shares") of Sabre Graphite Corp. (formerly Paramax Resources Ltd., the "Issuer"), which represents approximately 40.02% of the issued and outstanding Shares.

The Shares were acquired pursuant to a business combination agreement (the "Business Combination Agreement") entered into, on May 8, 2013, between the Issuer, MEGA Graphite Inc. ("MEGA") and 2369505 Ontario Inc., a recently incorporated wholly-owned subsidiary of the Issuer ("Subco"). Pursuant to the Business Combination Agreement, (i) the parties thereto completed a business combination (the "Transaction") by way of a three-cornered amalgamation such that MEGA amalgamated with Subco, effective June 5, 2013, and thereby became a wholly-owned subsidiary of the Issuer and (ii) former holders of common shares of MEGA ("MEGA Graphite Shares") received one (1) Share for approximately each 9.401471 MEGA Graphite Shares held. Shareholders of both the Issuer and MEGA approved the Transaction at shareholders' meetings held on June 5, 2013. Immediately prior to the completion of the Transaction, Salida, on behalf of the Funds, controlled 98,139,579 MEGA Graphite Shares, and therefore following the completion of the Transaction Salida controls 10,438,745 Shares (or approximately 40.02% of the issued and outstanding Shares).

This press release is issued pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which requires a report to be filed on SEDAR (www.sedar.com) containing additional information with respect to the foregoing matters.

For additional information, or for a copy of the early warning report filed in respect of the above transactions, please contact Daniel Guy at 441-293-0960.

Contact Information

  • Salida Capital International Limited
    Daniel Guy
    441-293-0960