TORONTO, Dec. 18 /CNW/ - CIM Investment Management Limited ("CIM") wishes to announce a reduction in the percentage of the outstanding common shares ("Shares") of Midlands Minerals Ltd. ("Midlands") that it controls, from the 16.42% reported in its press release of July 23, 2009 to 9.96%.
CIM has control over the Shares held by each of CIM Special Situations Fund Limited ("CSSF") and CIM Discovery Fund Limited ("Discovery") (together, the "Controlled Entities").
The change in the percentage of the outstanding Shares controlled by CIM is primarily the result of the issuance of a total of 26,812,666 Shares by Midlands upon the closing of two tranches of its private placement announced in Midlands' press releases dated November 10, 2009 and December 8, 2009, as well as of the disposition of 744,000 Shares by the Controlled Entities in several transactions on the TSX Venture Exchange in the ordinary course of business since July 23, 2009.
As a result of the foregoing, as of December 18, 2009, CIM has control or direction over an aggregate of 8,055,500 Shares (CSSF holds 3,525,451 Shares and Discovery holds 4,530,049 Shares), representing approximately 9.96% of the issued and outstanding Shares, based on a total of 80,895,764 Shares issued and outstanding, as indicated on the TSX website on December 18, 2009.
The Shares held by the Controlled Entities are for investment purposes.
The Controlled Entities may, from time to time acquire additional securities of Midlands, dispose of some or all of the existing or additional securities, or may continue to hold the current position.
CIM Investment Management Limited is incorporated under the laws of England which is authorized and regulated by the Financial Services Authority (FSA Firm Reference Number 443440). CIM Investment Management is an asset management company which manages, amongst others, Funds on behalf of the CIM Special Situations Fund Limited and CIM Discovery Fund Limited.
SOURCE CIM INVESTMENT MANAGEMENT LIMITED
For further information: For further information: Ashley Retter, CIM Investment Management Limited, 1 Regent Street, London, SW1Y 4NS; CIM Special Situations Fund Limited, P.O. Box 71, Craigmuir Chambers, Road Town, Tortola, British Virgin Islands; CIM Discovery Fund Limited, P.O. Box 71, Craigmuir Chambers, Road Town, Tortola, British Virgin Islands