TORONTO, June 30 /CNW/ - Compania Minera Auromin Ltda. ("Minera"), a company wholly-owned by David Thomson, a director and officer of South American Gold and Copper Company Limited (the "Company"), announces that it has acquired 16,274,024 common shares of the Company ("Common Shares") upon conversion of the convertible debenture issued to Minera on April 21, 2010 (the "A Debenture"), in full satisfaction of the outstanding principal amount due to Minera under the A Debenture. Minera also acquired 6,406,950 Common Shares upon conversion of the convertible debenture issued to Minera on April 21, 2010 (the "B Debenture"), in full satisfaction of the outstanding principal amount due to Minera under the B Debenture. For more details regarding the A and B Debentures, see the Company's news release dated April 28, 2010 available under the Company's profile at www.sedar.com. Prior to giving effect to the issuances described above, Mr. Thomson held indirectly 87,656,426 Common Shares representing approximately 11.08% of the issued and outstanding Common Shares.
As a result of the issuances described above, Mr. Thomson now owns and controls 110,337,400 Common Shares representing 13.02% of the issued and outstanding Common Shares. In addition, Mr. Thomson holds, directly and indirectly 14,406,970 Common Share purchase warrants (the "Warrants") exercisable to acquire 14,406,970 Common Shares and 11,000,000 stock options (the "Options") to acquire 11,000,000 Common Shares.
Assuming the exercise of the Warrants and the Options, when added to the issuances described above, Mr. Thomson would hold, directly and indirectly, 135,744,370 Common Shares, representing 15.55% of the outstanding Common Shares on a partially diluted basis.
Mr. Thomson may in the future increase or decrease his ownership of securities of the Company from time to time depending upon the business and prospects of the Company and future market conditions.
Minera's address is La Concepcion 266, Of. 701, Providencia, Santiago, Chile.
SOURCE Compania Minera Auromin Ltda.
For further information: For further information: David Thomson, Phone: 56-2-264-2295, Fax: 56-2-264-2309