TORONTO, Sept. 2, 2011 /CNW/ - On September 2, 2011, Geosam Capital Inc.
("Geosam") acquired 1,000,000 shares of WGI Heavy Minerals,
Incorporated ("WGI") at a cost of $0.50 per share, representing
approximately 4.2% of the outstanding shares of WGI, bringing Geosam's
total holdings in WGI to 3,353,000 shares representing approximately
14.1% of the outstanding shares of WGI.
The WGI shares held by Geosam, George Armoyan, the President of Geosam,
and members of his immediate family with whom he resides, total
5,336,000 shares, representing approximately 22.5% of the total
outstanding shares of WGI.
Geosam purchased the shares through the facilities of the Toronto Stock
Exchange for investment purposes. Geosam may, from time to time,
acquire additional shares or other securities of WGI, dispose of some
or all of the existing or additional shares or other securities of WGI,
or continue to hold shares or other securities of WGI in the normal
course of Geosam's investment activities.
In purchasing the 1,000,000 shares referred to above, Geosam relied on
the private agreement exemption from the formal take-over bid rules set
out in Section 100.1(1) of the Securities Act (Ontario). Geosam was entitled to rely on this exemption because (i)
the purchase of the 1,000,000 shares was not made from more than five
persons, (ii) the offer to purchase was not made generally to all
holders of WGI's shares, and (iii) the value of the consideration paid
for the 1,000,000 shares, including brokerage fees or commissions, was
not greater than 115% of the market price of WGI's shares on the
Toronto Stock Exchange on September 2, 2011 as determined in accordance
with Section 1.3 of Ontario Securities Commission Rule 62-504 -
Takeover Bids and Issuer Bids.
The issuance of this news release does not constitute an admission by
Geosam that it is acting jointly or in concert with Mr. Armoyan and
members of his immediate family with whom he resides with respect to
shares of WGI.
SOURCE Geosam Capital Inc.
For further information:
Geosam Capital Inc.
TD Canada Trust Tower
161 Bay Street, Suite 2400
P.O. Box 217, Toronto, ON, M5J 2S1
t: (416) 855-1925
f: (416) 640-1834