TORONTO, Dec. 24, 2019 (GLOBE NEWSWIRE) -- Dundee Corporation (TSX: DC.A) (“Dundee”) announced today that it has sold 500,000 common shares of Dundee Precious Metals Inc. (“Dundee Precious”) by private agreement for gross proceeds of $2.5 million.
Dundee continues to consider Dundee Precious core to its investment portfolio and a long term hold. The decision to dispose of the shares disclosed in this report was made for the purpose of availing itself to potential financing opportunities. Following the closing of this transaction, Dundee will cease to be a “control person” of Dundee Precious, as defined under Canadian securities laws, and may use the position as collateral against borrowing.
Immediately prior to the disposition of securities described in this news release, Dundee owned or controlled 36,381,552 Shares representing an approximate 20.27% interest in Dundee Precious on an undiluted basis. Immediately following the transaction that triggered the requirement to file this news release, Dundee owns 35,881,552 Shares, representing an approximate 19.99% interest in the Issuer on an undiluted basis.
For additional information, an early warning report will be filed on SEDAR or may be obtained by contacting:
Dundee Corporation
Legal Department
1 Adelaide Street East, Suite 2000
Toronto, Ontario M5C 2V9
Tel: (416) 350-3388
ABOUT DUNDEE CORPORATION
Dundee Corporation is a public Canadian independent holding company, listed on the Toronto Stock Exchange under the symbol “DC.A”. Through its operating subsidiaries, Dundee Corporation is engaged in diverse business activities in the areas of investment advisory, corporate finance, energy, resources, agriculture, real estate and infrastructure. Dundee Corporation also holds, directly and indirectly, a portfolio of investments mostly in these key areas, as well as other select investments in both publicly listed and private enterprises.
FOR FURTHER INFORMATION PLEASE CONTACT:
John Vincic
Investor and Media Relations for Dundee Corporation
Vincic Advisors
T: (647) 402-6375
E: jvincic@dundeecorporation.com