LONDON, UK, Jan. 17, 2012 /CNW/ - On January 17, 2012 Lonmin PLC
("Lonmin") and Wallbridge Mining Company Limited ("Wallbridge") entered
into a subscription agreement pursuant to which a wholly-owned
subsidiary of Lonmin, 6529241 Canada Inc., subscribed for 13,157,895
units ("Units") of Wallbridge at a subscription price of Cdn$0.19 per
Unit (the "Private Placement"). Each Unit is comprised of one common
share in the capital of Wallbridge (a "Share") and one-half of one
common share purchase warrant (each whole common share purchase warrant
being hereinafter referred to as a "Warrant"). Each Warrant entitles
the holder to purchase one whole common share in the capital of
Wallbridge at an exercise price of Cdn$0.40 for a period ending on
December 31, 2012. The Private Placement closed on January 17, 2012.
The 13,157,895 Shares and 6,578,948 Warrants purchased pursuant to the
Private Placement together constitute approximately 12.8% of the issued
and outstanding Shares (assuming the exercise of all of the Warrants).
Following the completion of the Private Placement, Lonmin beneficially
owns directly or indirectly, or controls or directs, an aggregate of
23,957,895 Shares and 6,578,948 Warrants, which together constitute
approximately 19.8% of the issued and outstanding Shares (assuming the
exercise of all of the Warrants).
The Private Placement was completed privately and not through the
facilities of any stock exchange or any other marketplace.
Lonmin acquired the Units for investment purposes and not for the
purpose of influencing management or acquiring control of or over
Wallbridge. Lonmin may from time to time, depending on market and
other conditions, increase or decrease its holdings of Shares or, as
applicable, other securities of Wallbridge. Lonmin acquired the Units
in reliance upon the accredited investor exemption in section 2.3 of
National Instrument 45-106 - Prospectus and Registration Exemptions.
Disclosure regarding the percentage of outstanding Shares held by Lonmin
is based on information provided by Wallbridge.
For further information and to obtain a copy of the early warning report
filed under applicable Canadian provincial securities legislation in
connection with the Private Placement, please go to the Wallbridge
profile on the SEDAR website.
Note on Forward-Looking Information
This press release includes certain forward-looking information,
including statements relating to Lonmin's interests in Wallbridge and
its future intentions in respect thereof, using words including "may"
and similar expressions, which are intended to identify these
forward-looking statements. This forward-looking information reflects
current views with respect to current and future events and
circumstances and is not a guarantee of future performance and is
subject to risks, uncertainties and assumptions, including those
relating to changes in business, performance and markets. Actual
results may differ materially from information contained in the
forward-looking information as a result of a number of those factors.
Forward-looking information is provided for the purpose of providing
information about management's current expectations and plans relating
to the future. Readers are cautioned that such information may not be
appropriate for other purposes. Lonmin undertakes no obligation to
publicly update or revise any forward-looking information contained in
this press release, except as required by applicable laws.
SOURCE Lonmin Plc
For further information:
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| Inzalo Communications |
Bridget von Holdt
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