TORONTO, Dec. 23 /CNW/ - Libra Advisors, LLC ("Libra") announced today that Libra Fund II (Luxembourg) S.à r.l. (the "Fund") has acquired a total of 32,250,000 special warrants at a price of CAD$0.45 per special warrant of Sandstorm Metals & Energy Ltd. ("Sandstorm") pursuant to a private placement (the "Offering") of special warrants. Each special warrant is comprised of one unit on the deemed exercise of the special warrant. Each unit entitles the holder to receive one common share and one-half of one common share purchase warrant in the capital of Sandstorm.
Each whole purchase warrant is exercisable for a period of two years into one common share at a price of US$0.70, subject to Sandstorm receiving a receipt for a final prospectus within 60 days of the closing date of the Offering. If Sandstorm does not receive a receipt for the final prospectus, the term of the warrants will be extended from two years to five years and the exercise price per warrant will be reduced from US$0.70 to US$0.65.
As a result of this acquisition and together with common shares already held by other funds Libra manages, Libra's funds now own 368,615 common shares and 32,250,000 special warrants of Sandstorm that, if such special warrants and the included purchase warrants are all exercised, represents approximately 19.87% of the total outstanding common shares of Sandstorm.
The Fund acquired the common shares and warrants for investment purposes and may, from time to time, acquire additional securities of Sandstorm or dispose of such securities as it may deem appropriate.
Libra is the investment advisor to the Fund and maintains its principal office at 777 Third Avenue, 27th Floor, New York, New York 10017.
For further information: For further information:
please contact Mr. Ranjan Tandon, Managing Member, at (212) 350-5125