TORONTO, Aug. 5 /CNW/ - Navina Asset Management Inc. ("Navina") announced it has acquired control or direction of 6,205,000 common shares of New Island Resources Inc. ("New Island"; TSX-V:NIS) through funds it manages ("Navina Funds"). This represents approximately 12.35% of the total issued and outstanding common shares of New Island.
In addition to 3,205,000 New Island shares already owned by Navina Funds, 3,000,000 New Island shares were acquired by Navina Funds through a previously announced private placement at a subscription price of $0.10 per share that closed on August 4, 2010. Under applicable securities laws, the statutory hold period attached to the New Island shares acquired by Navina Funds through the recent private placement will expire on November 20, 2010.
Navina Funds acquired shares of NIS for investment purposes.
Navina Asset Management is a specialized global asset management firm with interests and investments in Canada and around the world.
SOURCE NAVINA ASSET MANAGEMENT INC.
For further information: For further information: Catherine Stretch, (416) 362-6283, email@example.com, www.navinaasset.com