Ferrometals acquires securities of Cancana Resources Corp.
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES AND NOT FOR DISSEMINATION IN THE UNITED STATES/
MONTREAL, March 6, 2014 /CNW Telbec/ - Ferrometals BV ("Ferrometals") announces that, in connection with a financing announced by Cancana Resources Corp. ("Cancana") on February 25, 2014, it acquired ownership and control over 4,167,180 units ("Units") of Cancana on March 6, 2014. Each Unit is comprised of one common share in the capital of Cancana (a "Cancana Share") and one common share purchase warrant of Cancana (a "Cancana Warrant"). Each Cancana Warrant entitles the holder thereof to acquire a Cancana Share at a price of $0.34 per share. The Cancana Warrants are exercisable until March 6, 2016. As such, Ferrometals acquired ownership and control over 4,167,180 Cancana Shares and 4,167,180 Cancana Warrants.
Assuming the full exercise of the 4,167,180 Cancana Warrants, Ferrometals would acquire ownership and control over a maximum of 8,334,360 Cancana Shares (including the 4,167,180 Cancana Shares issued on March 6, 2014), representing approximately 15.77% of the outstanding Cancana Shares, calculated on a partially diluted basis assuming the full exercise of the 4,167,180 Cancana Warrants only.
Ferrometals has ownership and control over 5,357,656 Cancana Shares (representing approximately 11.01% of the outstanding Cancana Shares), and the right to acquire 5,357,656 Cancana Shares through 5,357,656 Cancana Warrants.
In the event all of the 5,357,656 Cancana Warrants are fully exercised, Ferrometals would acquire ownership and control over a maximum of 10,715,312 Cancana Shares (including the 5,357,656 Cancana Shares over which Ferrometals has ownership and control). These combined holdings would represent approximately 19.83% of the outstanding Cancana Shares, calculated on a partially diluted basis assuming the full exercise of the 5,357,656 Cancana Warrants only.
Ferrometals acquired the Units for investment purposes only and not with a view to materially affecting control of Cancana.
SOURCE Ferrometals BVFor further information:
For further information or to obtain a copy of the Early Warning Report filed by Ferrometals, please contact Anthony Julien at +61 447 573 071