WEST PALM BEACH, FL, Nov. 21, 2016 /CNW/ - On November 18, 2016, Lloyd I. Miller, III, ("Miller") acquired beneficial ownership and control over an aggregate of 40,000 class B subordinated voting shares (the "Shares") of Orca Exploration Group Inc. ("ORCA") (TSX-V: ORC.B), representing approximately 0.12% of the currently issued and outstanding Shares. The foregoing Shares were acquired through MILFAM II L.P., a partnership in respect of which Miller is the managing member of the general partner. These Shares were acquired through the facilities of the TSX Venture Exchange at a price of US$2.8149 per Share or CDN$3.8055 per Share (based on the Bank of Canada noon exchange rate on November 18, 2016).
Immediately prior to the transaction described herein, Miller beneficially owned and controlled an aggregate of 5,431,800 Shares, representing approximately 16.41% of the issued and outstanding Shares. Immediately after the transaction, Miller beneficially owns and controls an aggregate of 5,471,800 Shares, representing approximately 16.53% of the issued and outstanding Shares.
The Shares were acquired for investment purposes. Depending on the evolution of ORCA's business, financial condition, the market for ORCA's securities, general economic conditions and other factors, Miller and his joint actors may acquire additional securities of ORCA, or sell some or all of the securities they hold, in the open market, by private agreement or otherwise, subject to their availability at attractive prices, market conditions and other relevant factors.
The head office address of ORCA is Oyster Plaza Building, 5th Floor, P.O. Box 80139, Haile Selassie Road, Dar es Salaam, Dar es Salaam (c/o: Burnet, Duckworth & Palmer LLP, 2400, 525 8th Avenue S.W., Calgary, AB, T2P 2G1).
SOURCE Orca Exploration Group Inc.
For further information: For inquiries or a copy of the related early warning report required under Canadian provincial securities legislation, a copy of which has also been filed on www.sedar.com, please contact: Lloyd I. Miller, III, 3300 South Dixie Highway, Suite 1-365, West Palm Beach, Florida, USA 33405, Telephone: (561) 287-5399; Eric Fangmann, 3300 South Dixie Highway, Suite 1-365, West Palm Beach, Florida, USA 33405, Telephone: (561) 287-5399