GUERNSEY, Channel Islands, March 23, 2018 (GLOBE NEWSWIRE) -- Greenstone Resources II L.P. (“Greenstone”) announces that it has agreed to subscribe for 297,759,419 ordinary shares of Serabi Gold PLC (“Serabi”), a company listed on AIM and the TSX, at a price per ordinary share of £0.036 (approximately C$0.0653). The aggregate subscription price is payable in US dollars and will be US$15,000,000 (approximately C$19,437,000 based on an exchange rate of 1.2958) (the “Subscription”).
As of the date hereof, Greenstone does not hold any securities of Serabi. The Subscription is expected to complete on or about April 12, 2018. Assuming completion of the Subscription, Greenstone will acquire ownership of and control over 297,759,419 ordinary shares of Serabi, representing approximately 29.8% of the total issued and outstanding ordinary shares of Serabi.
Greenstone is acquiring the ordinary shares of Serabi for investment purposes. Depending on market conditions and other factors, Greenstone may from time to time acquire and/or dispose of securities of Serabi or continue to hold its current position. A copy of the early warning report required to be filed with the applicable securities commissions in connection with the transaction will be available on SEDAR at www.sedar.com and can be obtained by contacting Mr Matt Hornton or Mr Gordon Purvis on +44 (0) 1481 748810.
Greenstone’s address is set out below.
Greenstone Resources II L.P.
PO Box 656, East Wing, Trafalgar Court
Les Banques, St Peter Port, Guernsey
Serabi’s address is set out below.
Serabi Gold PLC
30-32 Ludgate Hill
London, EC4M 7DR