Windermere Capital (Canada) increases its interest in Defiance Silver Corp.
MONTREAL, March 28, 2014 /CNW Telbec/ - Windermere Capital (Canada) Inc. ("Windermere"), a Montreal-based investment firm, announces that it has increased its interest in Defiance Silver Corp. ("DEF"; TSX-V: DEF) since it last reported on SEDAR its control of common shares of DEF ("Common Shares") and warrants to acquire Common Shares ("Warrants") as at February 28, 2014. On March 27, 2014, Windermere acquired control of 18,000,000 Common Shares and 18,000,000 Warrants by way of a non-brokered private placement (the "Private Placement") of units of DEF (the "Units"), representing approximately 54.5% of the outstanding Common Shares as at March 27, 2014, assuming all the Warrants controlled by Windermere as a result of the Private Placement were fully exercised. Each was issued at a price of $0.05 per Unit, for an aggregate subscription price of $900,000.
As a result of the Private Placement, Windermere now controls a total of 20,000,000 Common Shares and 20,000,000 Warrants, which represent, in the aggregate, if such Warrants were fully exercised, approximately 58.7 % of the outstanding Common Shares. However, the 18,000,000 Common Shares and 18,000,000 Warrants acquired on March 27, 2014 are being held by DEF in escrow pending final approval of the TSX Venture Exchange for the Private Placement.
Windermere controls the Common Shares and Warrants in its capacity as the portfolio advisor to the Breakaway Strategic Resource Segregated Portfolio.
Windermere advises in respect of, acquires and disposes of control over, and acquires or disposes of direct ownership of, Common Shares for investment purposes only. These investments will be reviewed by the applicable party on a continuing basis and such holdings may be increased or decreased in the future.
The Common Shares and Warrants acquired in connection with the Private Placement were all issued pursuant to the accredited Investor prospectus exemption under section 2.3 of National Instrument 45‑106 – Prospectus and Registration Exemptions.
The issuance of this news release is not an admission that an entity named in the report owns or controls any described securities or is a joint actor with another named entity.
A copy of the early warning report related to this news release will be filed forthwith on SEDAR (www.sedar.com). For a copy of such report or for further information, please contact:
SOURCE WINDERMERE CAPITAL (CANADA) INC.For further information: Chris Wright, President, Windermere Capital (Canada) Inc., 1001 boul. de Maisonneuve Ouest, #205, Montreal, Quebec H3A 3C8, Tel: 514-908-4200