MONTRÉAL, Dec. 15, 2015 /CNW Telbec/ - An Early Warning Report was filed to report an increase in the security holding percentage of Lloyd I. Miller, III ("Miller") following acquisitions made through Milfam II L.P. ("M2"), a partnership of which Miller is the managing member of the general partner, between November 24 and December 11, 2015 and pursuant to which Miller acquired the beneficial ownership and/or control over an aggregate of 57,300 Class B Subordinated Voting Shares (the "Shares") of ORCA Exploration Group Inc. ("ORCA") (TSX-ORC).
Based on the decrease in the number of Shares issued and outstanding on November 24, 2015, as reported by ORCA in its management discussion & analysis of financial condition and results of operations for the three and nine months ended 30 September 2015 filed on SEDAR on November 24, 2015, namely 33,105,915 Shares, the aggregate number of Shares over which Miller is deemed to have beneficial ownership and/or control has increased by more than 2% since Miller last filed an early warning report in respect of ORCA.
As of the date of this press release, Miller beneficially owns or has control over an aggregate of 4,775,100 Shares representing 14.42% of the issued and outstanding Shares of ORCA.
Based on the number of Shares outstanding as of November 24, 2015, the 57,300 Shares acquired through the facilities of the TSX Venture Exchange between November 24 and December 11, 2015 represented approximately 0.17% of the issued and outstanding Shares. Based on the Noon Bank of Canada exchange rate applicable on the date of each transaction, the 57,300 Shares acquired by M2 between November 24 and December 11, 2015 were acquired at an average price per Share ranging from CAD$2.8801 to CAD$2.9516 (see related early warning report for details).
The Shares were acquired for investment purposes only. Depending on the evolution of ORCA's business, financial condition, the market for ORCA securities, general economic conditions and other factors, Miller and his joint actors may acquire additional securities of ORCA, or sell some or all of the securities they hold, in the open market, by private agreement or otherwise, subject to their availability at attractive prices, market conditions and other relevant factors.
SOURCE Lloyd I. Miller, III
For further information: For inquiries or a copy of the related early warning report required under Canadian provincial securities legislation, a copy of which has also been filed on www.sedar.com, please contact: Lloyd I. Miller, III, 3300 S. Dixie Highway, Suite 1-365, West Palm Beach, Florida, USA 33405, Telephone: (561) 287-5399; Eric Fangmann, 3300 S. Dixie Highway, Suite 1-365, West Palm Beach, Florida, USA 33405, Telephone: (561) 287-5399