LONDON, UNITED KINGDOM, Jan. 10 /CNW/ - Richard Hains today announced that he has acquired beneficial ownership of 26,539,083 common shares ("Common Shares") of Ratel Group Limited ("Ratel Group") (TSX:RTG), representing approximately 17.69% of the issued and outstanding Common Shares. As a result of this transaction, Mr. Hains beneficially holds 26,539,083 Common Shares, representing approximately 17.69% of the issued and outstanding Common Shares.
Mr. Hains acquired 8,539,083 Common Shares for non-cash consideration through the spin-out reorganization of certain African property interests (the "Spin-out") held by Ratel Gold Limited (TSX:RTL) and 18,000,000 Common Shares were acquired pursuant to the conversion of subscription receipts of Ratel Group that converted into Common Shares upon the completion of the Spin-out. The subscription price of each subscription receipt was C$0.10.
The Common Shares were acquired for investment purposes and Mr. Hains may from time to time increase or decrease his holdings of Common Shares or other securities of Ratel Group.
A copy of the early warning report being filed by Mr. Hains with the applicable securities regulators will be available on SEDAR (www.sedar.com).
SOURCE RICHARD HAINS
For further information: or to obtain a copy of the early warning report filed under applicable securities laws, please contact: Richard Hains, +44 20 7724 1528.