TORONTO, Feb. 10 /CNW/ - Pala Investments Holdings Limited ("PIHL") announced today that it has acquired a total of 3,672,909 common shares of Foraco International SA ("Foraco") representing approximately 6.15% of the 59,743,000 issued and outstanding common shares of Foraco, as known by PIHL. 3,019,000 of the common shares were acquired pursuant to a private transaction completed on February 10, 2010 and 653,909 of the common shares were acquired on February 4, 2010 through the facilities of the Toronto Stock Exchange.
This acquisition increases PIHL's share ownership in Foraco to 14,236,609 common shares representing approximately 23.83% of the issued and outstanding shares of Foraco, as known by PIHL.
3,019,000 of the common shares were acquired pursuant to a private agreement dated February 10, 2010 which provides for consideration of CDN$2.50 per common share, representing an aggregate purchase price of $7,547,500 for the common shares. The remaining 653,909 common shares were acquired by PIHL on February 4, 2010 through the facilities of the Toronto Stock Exchange for consideration of CDN$2.50 per common share. PIHL has acquired the common shares for investment purposes and may increase or decrease the investment in these securities depending upon future market conditions.
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