MONTRÉAL, QUÉBEC--(Marketwire - March 26, 2013) - This press release is being disseminated as required by National Instrument 62-103, The Early Warning System and Related Take Over Bids and Insider Reporting Issues ("NI 62-103").
Sidex Limited Partnership (the "Purchaser") announces that it has acquired, by way of private placement, a total of 500,000 units of Laurentian Goldfields Ltd. (the "Issuer") on March 26, 2013. Each unit, priced at $0.20 per unit, consists of one common share and one common share purchase warrant of the Issuer. Each warrant entitles the Purchaser to purchase one common share of the Issuer at a price of $0.30 per common share, for up to 24 months following the issuance of the warrants. The warrants are subject to an accelerated expiry date, which comes into effect when the trading price of the Issuer`s common shares closes at or above $0.50 per share for twenty consecutive trading days in the period commencing four months after the date of issuance. In such event, the Issuer will be entitled to give an expiry acceleration notice ("Notice") to the Purchaser, in which case the expiry date of the warrants will be 30 days from the date of the Notice.
As a result of this acquisition, the Purchaser is the beneficial owner of 694,228 common shares and 500,000 warrants of the Issuer (the "Securities"), representing approximately 7.42% of the issued and outstanding voting securities of the Issuer on a non-diluted basis and 12.12% of the issued and outstanding securities of the Issuer, assuming exercise of all the warrants held by the Purchaser.
The Purchaser undertook not to exercise its warrants if, as a result of the exercise of such warrants, the aggregate amount of common shares held by the Purchaser following the exercise would exceed 10% of the voting rights attached to all of the Issuer's outstanding voting securities, unless the Purchaser previously obtains all required approvals from regulatory authorities.
The Purchaser holds the Securities for investment purposes only and may increase or decrease its beneficial ownership or control over these Securities, from time to time in the future, depending on market or other conditions. In pursuing such purposes, the Purchaser takes a long term view of the investment and reserves the right to formulate other plans or make other proposals, and take such actions with respect to its investment in the Issuer. The Purchaser may at any time reconsider and change its plans or proposals relating to the foregoing. No person acted jointly or in concert with the Purchaser in making this private placement.
The common shares of the Issuer are listed on the TSX Venture Exchange under the symbol "LGF".
A copy of the Early Warning Report filed by the Purchaser pursuant to NI 62-103 may be obtained on SEDAR under the Issuer's profile (www.sedar.com) or by contacting Michel Champagne at 514-383-2612.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact Information:
General manager
SIDEX, Limited Partnership
514-383-2612