TORONTO, July 12 /CNW/ - Pala Investments Holdings Limited ("PIHL") announced today that on July 9, 2010 it sold 3,732,500 common shares of Foraco International SA ("Foraco"), representing approximately 5% of the 74,679,000 issued and outstanding common shares of Foraco, as known by PIHL. The common shares were sold through the facilities of the Toronto Stock Exchange.
This disposition decreases PIHL's share ownership in Foraco to 10,504,109 common shares representing approximately 14.07% of the issued and outstanding shares of Foraco, as known by PIHL.
The consideration received for the disposition was CDN$2.70 per common share. PIHL sold the shares based on its current investment objectives. PIHL currently intends to continue to sell its shares of Foraco.
PIHL's address is 12 Castle Street, St. Helier, Jersey JE2 3RT. For further information please refer to the Early Warning Report posted on SEDAR or contact Colin Murray at 011 41 41 560 9070.
Pala Investments Holdings Limited is a US$1.0 billion multi-strategy investment company focused on mining and natural resource companies in both developed and emerging markets. Pala Investments' exclusive investment advisor, Pala Investments AG, has extensive experience within the mining and natural resource sectors. Pala Investments seeks to assist companies in which it has long-term shareholdings by providing strategic advice and innovative financing solutions. For more information, visit www.pala.com.
Certain statements in the press release are forward-looking statements and are prospective in nature, including statements with respect to Pala's future intentions regarding the securities of Foraco that it owns. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as "may", "should", "will", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe" or "continue", or the negative thereof or similar variations. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Such forward-looking statements should therefore be construed in light of such factors, and Pala is not under any obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Pala Investments Holdings Limited
For further information: For further information: please refer to the Early Warning Report posted on SEDAR or contact Colin Murray at 011 41 41 560 9070