This press release is issued pursuant to Multilateral Instrument 62-104 – Take-Over Bids and Issuer Bids and National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues.
NEW YORK, July 19, 2021 (GLOBE NEWSWIRE) -- Electrum Strategic Opportunities Fund II L.P. (“Electrum”) has sold, pursuant to the terms of a share purchase agreement dated July 16, 2021 (the “Purchase Agreement”), 4,411,765 common shares (the “Purchased Shares”) of Constantine Metal Resources Ltd. (the “issuer”) to a third-party purchaser (the “Transaction”) for $0.27 per Purchased Share for a total purchase price of $1,191,176.55 (the “Purchase Price”).
As a result of the Transaction, Electrum currently owns 4,411,764 common shares and 8,823,529 warrants (“Warrants”) representing approximately 9.1% of the issued and outstanding common shares (“Common Shares”) or 23% upon the exercise of the Warrants (assuming that all of the Warrants owned by Electrum immediately following the Closing are exercised and that no other securities, including those convertible into, or exercisable for, Common Shares, are issued, converted or exercised). Electrum Global Holdings L.P., a “joint actor” (as such term is defined in National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues) of Electrum, owns 250,000 Common Shares representing 0.55% of the Common Shares of the issuer.
The Common Shares referred to above were sold pursuant to the Purchase Agreement and Electrum and/or one or more of its affiliates may, depending on market and other conditions, increase or decrease its beneficial ownership of Common Shares or other securities of the issuer whether in the open market, by privately negotiated agreement or otherwise.
The issuer is located at 320-800 West Pender Street, Vancouver, British Columbia V6C 2V6. Electrum is located at 535 Madison Avenue, 12th Floor, New York, NY 10022, USA. A copy of the early warning report to which this news release relates can be obtained from Michael Williams (646-365-1600) or on the SEDAR profile of the issuer at www.sedar.com.