Federals Silver Corporation - Acquisition of Securities of El Tigre Silver Corp.
ST. ALBERT, AB, July 30, 2012 /CNW/ - Federals Silver Corporation ("Federals"), a company controlled by Ron Hodgson, acquired 2,400,000 units (each a "Unit") of El Tigre Silver Corp. ("El Tigre") pursuant to a non-brokered private placement offering by El Tigre. Each Unit consists of a common share of El Tigre and one-half of a common share purchase warrant (each whole warrant, a "Warrant"). Each whole Warrant entitles the holder to acquire an additional common share of El Tigre for a period of 18 months from the date of issue.
As a result, Federals owned approximately 28.65% of the 41,961,109 issued and outstanding common shares of El Tigre as at the date of such acquisition. In addition, if Federals were to exercise the 1,200,000 Warrants acquired by Federals as part of the above noted Units, Federals would own, assuming no other changes 30.64% of what would then be the 43,161,109 common shares of El Tigre. Federals understands that these positions represent 20.9% of the 63,371,658 common shares of El Tigre that would be outstanding on a fully diluted basis (i.e. assuming the conversion of all outstanding options and warrants). Ron Hodgson, an associate of Federals, also holds and personally owns 155,000 or 0.37% of the issued and outstanding common shares of El Tigre.
These details update information previously disclosed by Federals by way of a press release filed on SEDAR April 23, 2010.
Federal's interest in El Tigre is for investment purposes only. Federals has no current intention of making a take-over bid for El Tigre. Federals reserves the right from time to time to purchase additional common shares of El Tigre or to dispose of common shares of El Tigre held by Federals.
SOURCE: Federals Silver CorporationFor further information:
Federals Silver Corporation
5 Galarneau Place
St. Albert, Alberta, T8N 2Y3
Phone: (780) 458-7100