VANCOUVER, British Columbia, April 14, 2022 (GLOBE NEWSWIRE) -- Daniel Lau announced that on April 13, 2022, in his capacity as an Advising Representative (Portfolio Manager) for Qwest Investment Fund Management Ltd. (Qwest), on behalf of the LM Asset Fund Limited Partnership, he acquired control and direction over 800,000 priority units (Units) of Noranda Income Fund (Noranda) at a price of $1.65 per Unit. The acquired Units represent approximately 2.13% of the issued and outstanding Units of Noranda.
As a result of the acquisition and together with securities previously held personally by Daniel Lau, he now owns and/or exercises control and direction over 4,353,700 Units which represent approximately 11.61% of the issued and outstanding Units of Noranda.
Prior to the acquisition, Daniel Lau had beneficial ownership of 114,000 Units (representing approximately 0.30% of the outstanding Units) and had control and direction over 59,700 Units held by LM Asset Management Inc. (representing approximately 0.16% of the outstanding Units) and 3,380,000 Units held by LM Asset Fund Limited Partnership, in his capacity as Advising Representative (Portfolio Manager) for Qwest Investment Fund Management Ltd. (representing approximately 9.02% of the outstanding Units).
Following the acquisition, Daniel Lau has beneficial ownership of 114,000 Units (representing approximately 0.30% of the outstanding Units) and has control and direction over 59,700 Units held by LM Asset Management Inc. (representing approximately 0.15% of the outstanding Units), and 4,180,000 Units held by LM Asset Fund Limited Partnership, in his capacity as Advising Representative (Portfolio Manager) for Qwest Investment Fund Management Ltd. (representing approximately 11.15% of the outstanding Units).
Daniel Lau, in his capacity as Advising Representative (Portfolio Manager) for Qwest Investment Fund Management Ltd., acquired the Units for passive investment purposes. Daniel Lau and/or its joint actors may, from time to time, directly or indirectly, acquire or sell securities of Noranda.
An early warning report in connection with this press release is being filed by Daniel Lau in accordance with applicable Canadian securities laws and will be available on SEDAR at www.sedar.com.
For more information, or to obtain a copy of the early warning report to which this press release relates, please contact Daniel Lau, Advising Representative (Portfolio Manager) for Qwest Investment Fund Management Ltd. at (604) 601-5804.
