VANCOUVER, May 10, 2016 /CNW/ - BCI Ventures Inc. ("BCI") announces that it has purchased the following securities of Marathon Gold Corporation ("Marathon"):
- 1,450,000 units of Marathon at $0.23 per unit pursuant to a private placement of Marathon. Each such unit consists of one common share of Marathon (each a "Common Share") and one half of one common share purchase warrant of the Company exercisable until May 6, 2018. Each whole warrant is exercisable into one Common Share at $0.32 per share; and
- 1,000,000 Common Shares for $0.20 per share purchased on the Toronto Stock Exchange.
Prior to such purchases, BCI owned 10,172,283 Common Shares and warrants entitling the holder to purchase an additional 2,725,641 Common Shears, being 10.9% of the outstanding Common Shares and 13.4% assuming exercise of all warrants held by BCI. Following such purchases, BCI owns 12,622,283 Common Shares and warrants entitling the holder to purchase an additional 3,450,641 Common Shares, being 11.9% of the outstanding Common Shares of Marathon and 14.7% assuming exercise of all warrants held by BCI.
BCI advises that the securities have been acquired for investments purposes. BCI may, depending on the market and other conditions, increase or decrease his beneficial ownership of the Marathon's securities, whether in the open market, by privately negotiated agreements or otherwise, subject to a number of factors, including general market conditions and other available investment and business opportunities.
This press release is issued pursuant to Multilateral Instrument 62-104, which also requires a report to be filed containing additional information with respect to the foregoing matters.
SOURCE Marathon Gold Corporation
For further information: BCI Ventures Inc., 137 South Oxley Street, West Vancouver, B.C., 604-831-9104