TORONTO, March 17, 2016 /CNW/ - Capit Investment Corp. ("Capit") announced today that it has acquired 7,613,000 common shares ("Common Shares") of Galane Gold Ltd. from IAMGOLD Corporation. After giving effect to the acquisition, Capit has beneficial ownership or the power to exercise control or direction over, 8,403,748 Common Shares, representing an aggregate of 11.78% of the issued and outstanding Common Shares on a non-diluted basis, along with beneficial ownership or the power to exercise control or direction over 220,000 securities convertible into Common Shares, representing an aggregate of 12.09% of the issued and outstanding Common Shares on a partially diluted basis (based on a total of 71,314,442 Common Shares issued and outstanding on March 16, 2016).
Capit will hold the Common Shares for investment purposes and Capit and/or one of its affiliates may, depending on market and other conditions, increase or decrease its beneficial ownership or control of the Common Shares or other securities of Galane Gold Ltd. whether through market transactions, private agreements, treasury issuances, exercise of convertible securities or otherwise.
Capit is an "accredited investor" (as such term is defined in National Instrument 45-106 – Prospectus Exemptions adopted by the Canadian Securities Administrators ("NI 45-106")) because Capit is a "person" (as such term is defined in NI 45-106) in respect of which all of the owners of interests, direct, indirect or beneficial, except the voting securities required by law to be owned by directors, are persons that are "accredited investors".
An early warning report pursuant to National Instrument 62-103 has been filed on www.sedar.com.
SOURCE Capit Investment Corp.
For further information: Capit Investment Corp., Amar Bhalla, President, (416) 399-0009