TORONTO, Feb. 25 /CNW/ - Jaguar Financial Corporation ("Jaguar") (TSX:
JFC) announced its acquisition yesterday of 1,044,000 common shares of Tiomin
Resources Inc. ("Tiomin"; TSX: TIO) representing approximately 0.22% of the
total issued common shares of Tiomin. The Tiomin shares were acquired on the
Toronto Stock Exchange for investment purposes at an average price of $0.03
per share. Combined with the Tiomin common shares previously owned, Jaguar now
owns a total of 48,381,000 common shares, representing approximately 10.06% of
the total issued common shares of Tiomin.
Jaguar believes the interests of Tiomin's shareholders are not being
adequately served by Tiomin's current Board of Directors. Jaguar wishes to
assist in addressing this issue and also to assist in the enhancement of
As previously disclosed on February 13, 2009, Jaguar requisitioned a
meeting of Tiomin shareholders for the purposes of providing Tiomin's
shareholders with the opportunity to vote on the proposed business combination
with Cadiscor Resources Inc. (the "Cadiscor Transaction") and to replace the
current Board of Directors of Tiomin with nominees of Jaguar. Jaguar notes
that Jean-Charles Potvin, a Director of Tiomin, is also a Director of
On February 19, 2009, Cadiscor and Tiomin announced that they would not
be pursuing the proposed business combination.
The Directors of Tiomin recently approved the investment by Tiomin of an
additional $1,424,375 of Tiomin's cash in Kivu Gold Corporation (the "Kivu
Investment"), a private corporation controlled by Tiomin's Directors and
Officers. Tiomin announced on February 20, 2009, that it had completed the
Kivu Investment. The Kivu Investment heightens Jaguar's serious concerns that
the interests of Tiomin's shareholders' are, and will continue to be,
disregarded under the current Board of Directors and management team.
On February 10, 2009, Tiomin disclosed that Freegold Ventures Limited
(TSX: ITF) had defaulted on the debt repayment to Tiomin of US$2.0 million due
February 10, 2009, and that Tiomin was reviewing its legal response (the
"Freegold Default"). The due date for the repayment of this loan has already
been extended by Tiomin. Jaguar notes that Robert Jackson, President and Chief
Executive Officer of Tiomin, is also a Director of Freegold.
On February 23, 2009, Tiomin announced that it had again extended the due
date for repayment of the loan.
In light of the Cadiscor Transaction, the Kivu Investment and the
Freegold Default, Jaguar has serious concerns that shareholders' interests are
not being adequately served by the current board of directors of Tiomin.
Jaguar may, depending on market and other conditions, acquire additional
common shares of Tiomin, through market transactions, private agreement or
otherwise. Jaguar may, depending on market or other conditions, sell any or
all of its common shares.
About Jaguar Financial Corporation
Jaguar is a Canadian merchant bank that invests in undervalued small
capitalization companies in a variety of industry sectors.
The Toronto Stock Exchange does not accept responsibility for the
adequacy or accuracy of this news release. This news release may contain
certain forward looking statements which involve known and unknown risks,
delays, and uncertainties not under Jaguar's control which may cause
actual results, performances or achievements of Jaguar to be materially
different from those implied by such forward looking statements.
For further information:
For further information: Vic Alboini, Chairman & Chief Executive
Officer, (416) 644-8110; Kyler Wells, General Counsel & Corporate Secretary,