TORONTO, June 30 /CNW/ - Minera Chanar Blanco Limitada ("Minera"), a company wholly-owned by Mario Hernandez, a director and officer of South American Gold and Copper Company Limited (the "Company"), announces that it has acquired 16,312,864 common shares of the Company ("Common Shares") upon conversion of the convertible debenture issued to Minera on April 21, 2010 (the "A Debenture"), in full satisfaction of the outstanding principal amount due to Minera under the A Debenture. Minera also acquired 8,243,625 Common Shares upon conversion of the convertible debenture issued to Minera on April 21, 2010 (the "B Debenture"), in full satisfaction of the outstanding principal amount due to Minera under the B Debenture. For more details regarding the A and B Debentures, see the Company's news release dated April 28, 2010 available under the Company's profile at www.sedar.com. Prior to giving effect to the issuances described above, Mr. Hernandez held through directly and indirectly 90,312,030 Common Shares representing approximately 11.40% of the issued and outstanding Common Shares.
As a result of the issuances described above, Mr. Hernandez now owns and controls 114,868,519 Common Shares representing 13.55% of the issued and outstanding Common Shares. In addition, Mr. Hernandez holds, directly and indirectly 23,314,639 Common Share purchase warrants (the "Warrants") exercisable to acquire 23,314,639 Common Shares and 11,000,000 stock options (the "Options") to acquire 11,000,000 Common Shares.
Assuming the exercise of the Warrants and the Options, when added to the issuances described above, Mr. Hernandez would hold, directly and indirectly, 149,183,158 Common Shares, representing 16.92% of the outstanding Common Shares on a partially diluted basis.
Mr. Hernandez may in the future increase or decrease his ownership of securities of the Company from time to time depending upon the business and prospects of the Company and future market conditions.
Minera's address is 380 Los Carreras, Of, 425, La Serena, Chile.
SOURCE MINERA CHANAR BLANCO LIMITADA
For further information: For further information: Mario Hernandez, Phone: (56)-5-122-6920, Fax: (56)-5-122-9613