TORONTO, ONTARIO--(Marketwire - Oct. 23, 2012) - West Face Capital Inc. ("WFCI"), announced today that two funds managed by WFCI had purchased 1,400,000 common shares of Chieftain Metals Inc. (the "Issuer") from WFC (Lux1 S.à.r.l.) ("WFC Lux"). The purchasing funds collectively own all the outstanding securities of WFC Lux. The purchase was made by private agreement at $2.713 per common share.
WFCI exercises control and direction over 2,497,237 common shares of the Issuer, all of which are now owned by funds managed by WFCI. WFCI has a securityholding percentage, calculated in accordance with National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, of approximately 17.2%.
The common shares of the Issuer continue to be held for investment purposes. WFCI expects to review from time to time its investment in the Issuer and may, depending on the market and other conditions: (i) acquire securities or related financial instruments of the Issuer in the open market, in privately negotiated transactions or otherwise, and/or (ii) dispose of all or a portion of the securities or related financial instruments of the Issuer over which it now or hereafter exercises, or may be deemed to exercise, control or direction, or owns.
The issuance of this news release is not an admission that any entity named herein owns or controls any described securities or is a joint actor with another named entity.
Additional information is provided in the early warning report filed on www.sedar.com by WFCI.
West Face Capital Inc. is a Canada-based investment management firm with assets under management of over $2.8 billion.