VANCOUVER, British Columbia, March 02, 2018 (GLOBE NEWSWIRE) -- The Pacific Road Resources Funds (“PRRF”) announce that they have entered into arrangements to sell an aggregate of 22,000,000 common shares (the “Shares”) in the capital of Equinox Gold Corp. (the “Corporation”) pursuant to pre-arranged trades over the facilities of the TSX Venture Exchange. The common shares will be sold to a collection of purchasers, including Ross Beaty, Chairman of the Corporation who intends to purchase 10,000,000 of the Shares. The Shares will be sold at a price of C$1.15 per common share, for aggregate consideration to PRRF of C$25,300,000.
The 22,000,000 Shares represent approximately 4.9% of the currently issued and outstanding common shares of the Corporation. As a result of the sales, PRRF will hold an aggregate of 22,824,968 Shares, representing approximately 5.1% of the outstanding common shares. Assuming full exercise of PRRF’s warrants to purchase 23,724,350 common shares, PRRF would hold an aggregate of 46,549,318 common shares, representing approximately 9.9% of the then issued and outstanding common shares.
PRRF intends to sell the Shares for investment purposes and may or may not purchase or sell securities of the Corporation, or exercise its warrants to purchase common shares, in the future on the open market or in private transactions, depending on market conditions and other factors. Depending on market conditions, general economic and industry conditions, the Corporation’s business and financial condition and/or other relevant factors, PRRF may develop other plans or intentions in the future.
A copy of the early warning report filed in connection with the investment will be available on the Corporation’s profile on SEDAR at www.sedar.com or may be obtained by contacting Greg Dick at +61 2 9241 1000.
About Pacific Road Resources Funds and Pacific Road Capital Management Pty Limited
The Pacific Road Resources Funds are private equity funds investing in the global mining industry. They provide expansion and buyout capital for mining projects, mining related infrastructure and mining services businesses located throughout resource-rich regions of the world. The Pacific Road Resources Funds are managed and advised by Pacific Road Capital Management Pty Ltd (“PRCM”). The PRCM team, located in Sydney, Australia and Vancouver, Canada, is comprised of experienced mining investment professionals that have extensive knowledge and experience in the mining and infrastructure sectors, including considerable operating, project development, transactional and investment banking experience. For further information on the Pacific Road Resources Funds and PRCM, please go to their website at www.pacroad.com.