TORONTO, Sept. 17, 2019 (GLOBE NEWSWIRE) -- Capital Drilling Limited (CAPD:LON) ("Capital") announces that it has filed an early warning report in respect of its holdings in Algold Resources Ltd. (the “Company”) (TSX.V: ALG).

On June 14, 2019, Capital acquired, by way of a conversion of debt to equity as a private placement of the Company (the "Private Placement"), beneficial ownership of, or control or direction over, 526,397 common shares of the Company (each, a "Common Share") at a price of C$0.11 per Common Share.

Immediately prior to the acquisition of the Common Shares, Capital held 2,092,598 Common Shares.

Immediately following the acquisition of the Common Shares, Capital held beneficial ownership of, or control and direction over, 2,618,995 Common Shares, representing approximately 10.10% of the number of Common Shares outstanding on a basic basis.  On July 5, 2019 Capital was issued a further 614,566 Common Shares at a price of $0.09 per Common Share, bringing its holdings to 3,233,561 Common Shares, representing approximately 12.18% of the number of Common Shares outstanding on a basic basis. On August 19, 2019 Capital was issued a further 296,218 Common Shares at a price of $0.19 per Common Share, bringing its holdings to 3,529,779, representing approximately 13.15% of the number of Common Shares outstanding on a basic basis.  On September 6, 2019, Capital was issued a further 344,913 Common Shares at a price of $0.165 per Common Share, bringing its holdings to 3,874,692 Common Shares, representing approximately 14.25% of the number of Common Shares outstanding on a basic basis.

The Common Shares were acquired for investment purposes, and Capital has no current intention of increasing or decreasing its ownership of, or control or direction over, additional securities of the Company. Capital reviews its holdings from time to time and may increase or decrease its position as future circumstances may dictate.

A copy of the early warning report filed by Capital in connection with the acquisition of the Units described above is available on SEDAR under Capital’s profile at www.sedar.com. This news release is issued under the early warning provisions of the Canadian securities legislation.

For further information please contact:

Capital Drilling Limited 
André Koekemoer, Chief Financial Officer
+230 464 3250
investor@capdrill.com
 

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.