|By Marketwired .||
|December 31, 2012 05:15 PM EST||
NEW YORK, NEW YORK -- (Marketwire) -- 12/31/12 -- Electrum Global Holdings L.P. (the "Offeror") announces that as part of an internal reorganization involving GRAT Holdings LLC ("Holdings"), which principally controls each of Leopard Holdings LLC ("Leopard"), The Electrum Group LLC ("TEG Services"), the Offeror, the sole general partner of the Offeror, TEG Global GP Ltd. ("Global GP"), Electrum Strategic Metals LLC ("ESML") and Electrum Strategic Metals II LLC ("ESML-II"), which occurred on December 28 and 31, 2012 (the "Closing"), the Offeror acquired direct ownership of 26,459,528 common shares (each, a "Common Share") in the capital of Tintina Resources Inc. (the "issuer") as well as warrants (each, a "Warrant") to purchase up to 12,500,000 Common Shares, which Common Shares and Warrants were previously held by ESML. Pursuant to the Closing, the majority interest of ESML in ESML-II was also transferred to the Offeror. ESML-II owns an additional 8,661,417 Common Shares.
Following the Closing, the Offeror and ESML-II hold 26,459,528 and 8,661,417 Common Shares, respectively, or 18.6% and 6.1%, respectively, of the issued and outstanding Common Shares, with the result being that Holdings has indirect control over 35,120,945 Common Shares, representing 24.7% of the issued and outstanding Common Shares. Should the Offeror exercise all 12,500,000 Warrants which it holds, the Offeror would hold 38,959,528 Common Shares, representing 25.2% of the issued and outstanding Common Shares (on a partially diluted basis), with the result being that Holdings would have indirect control over 47,620,945 Common Shares, or 30.8% of the issued and outstanding Common Shares (on a partially diluted basis).
The Common Shares and Warrants referred to above are held for investment purposes and the Offeror and/or one or more of its joint actors (Holdings, Leopard, Global GP, TEG Services and ESML-II) 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 Offeror is located at 535 Madison Avenue, 11th Floor, New York, NY, USA 10022. A copy of the early warning report relating to the Closing can be obtained from Michael Williams (646-365-1600) or on the SEDAR profile of the issuer at www.sedar.com.
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