TORONTO, Jan. 24, 2014 /CNW/ - Geologic Resource Partners LLC
("Geologic") announced today that is has filed a revised early warning
report dated January 24, 2014 (the "Revised Report") in respect of the
common shares ("Shares") of Lithium Americas Corp. (TSX: LAC) ("LAC")
held for its own account and on behalf of client accounts over which it
has discretionary trading authority. The Revised Report corrects
certain information presented in an early warning report dated January
20, 2014 (the "January 20 Report"). The January 20 Report neglected to
take into account 1,100,000 Shares (the "Warrant Shares") issuable
under certain warrants granted to Geologic in 2012 and 2013 in
connection with a credit facility provided to LAC by Geologic and two
other shareholders. Geologic was not required to file an early warning
report at the time the warrants were granted. Assuming exercise of the
warrants, the inclusion of the Warrant Shares increases Geologic's
aggregate holdings to 16,438,100 (20.96%), up from 15,338,100 (19.8%)
as reported in the January 20 Report. The adjusted percentage in the
Revised Report is presented on a partially diluted basis reflecting the
exercise of only the warrants granted to Geologic.
The January 20 Report describes a purchase by Geologic (for its own
account and on behalf of client accounts over which it has
discretionary trading authority) of 2,200,000 Shares (representing
2.85% of the issued and outstanding Shares) through the facilities of
the Toronto Stock Exchange on November 20, 2013. The purchase was made
in reliance on the normal course purchase exemption in section 100 of
the Securities Act (Ontario). The purchase was at a price that did not exceed the market
price for the Shares and the aggregate number of Shares acquired by
Geologic over the 12 months prior to November 20, inclusive of the
Shares purchased on that date, represented less than 5% of the
outstanding Shares at the beginning of that 12 month period. Geologic
has purchased these securities for investment purposes, and may
increase or decrease its investment in the securities of LAC depending
upon future market conditions.
Geologic also acknowledged today that the January 20 Report was required
to have been filed on or before December 10, 2013.
Geologic confirmed that the error and the late filing were inadvertent.
Geologic has conducted a review of its reporting systems and has
bolstered its oversight procedures to ensure that a reporting error of
this nature will not happen in the future and that all future reports
will be filed in a timely fashion.
Geologic is an investment advisory firm specializing in precious metals,
industrial metals, and energy minerals equities.
SOURCE: Geologic Resource Partners LLC
For further information:
or to obtain a copy of the report contact: John Kanellitsas, Chief Operating Officer, at (617) 424-9900.