|By PR Newswire||
|September 3, 2013 06:00 AM EDT||
VANCOUVER, Sept. 3, 2013 /CNW/ - On 30th August, 2013, Appian Natural Resources Fund LP ("Appian") acquired ownership and control of 3,535,000 common shares (the "Shares") of Red Eagle Mining Ltd. ("Red Eagle"). The Shares were acquired at a price of $0.20 per Share pursuant to a share purchase agreement dated 30th August, 2013 between Appian and the seller. This acquisition resulted in a change in beneficial ownership of such Shares. Immediately after the acquisition and as at 30th August, 2013, Appian beneficially owned, or exercised control and direction over, an aggregate of 8,989,545 shares of Red Eagle, representing approximately 15.3% of the outstanding shares of Red Eagle (based upon the 58,567,818 common shares stated to be issued and outstanding as of 31st March, 2013 by Red Eagle in its management's discussion and analysis for the three months ended 31st March, 2013 and filed on SEDAR on 30th May, 2013).
The Shares were acquired for investment purposes. Depending on the development of Red Eagle's business, financial condition, the market for Red Eagle's securities, general economic conditions and other factors, Appian may acquire additional shares of Red Eagle, or sell some or all of the shares it holds, in the open market, by private agreement or otherwise.
An early warning report will be filed by Appian in accordance with applicable securities laws and will be available under Red Eagle's profile on the SEDAR website at www.sedar.com.
Michael Scherb, General Partner of Appian Capital Advisory LLP, commented: "We are delighted to increase our ownership in Red Eagle and to support management in the development of the company, in particular the continued accelerated development of the Santa Rosa gold project in Colombia. This is in line with Appian's strategy to provide long term financial and operating support in the development or redevelopment of mining projects."
Ian Slater, CEO of Red Eagle, stated: "We are very pleased that Appian has continued to support Red Eagle and to show its commitment to the development of our company through this further investment. We look forward to strengthening our relationship and benefiting from their cornerstone shareholding and strategic advice."
About Appian Natural Resources Fund LP
Appian Natural Resources Fund is a metals and mining private equity fund
providing long-term capital to both private and public mining
companies. Appian's senior management, with a presence in London,
Johannesburg and Melbourne, are a combination of major mining company,
private equity and mining investment banking professionals who have
collectively built and managed 60+ mines and transacted around $200
billion worth of transactions. Appian's principal tenet is to provide
both long-term capital and operating skills to companies, partnering
with management with the aim of developing assets into production, or
ramping up existing production, to realise full value potential.
SOURCE Appian Capital Advisory LLP