TORONTO, May 16, 2012 /CNW/ - Pala Investments Holdings Limited ("PIHL") announced today that on May 15, 2012, PIHL acquired of a total of 8,000,000 common shares of Hana Mining Ltd. ("Hana"), representing approximately 8.04% of the 99,533,393 issued and outstanding common shares of Hana, as known by PIHL. The common shares were acquired through the facilities of the TSX Venture Exchange.
After giving effect to the acquisitions referred to above, PIHL owns and controls, directly and indirectly, a total of 16,413,800 common shares representing approximately 16.49% of the issued and outstanding shares of Hana, as known by PIHL.
The average consideration for each common share of Hana acquired was CDN$0.50 per common share. PIHL has acquired the common shares for investment purposes and may increase or decrease the investment in the common shares depending upon future market conditions.
PIHL's address is 12 Castle Street, St. Helier, Jersey JE2 3RT.
Pala Investments Holdings Limited is a US$1.0 billion multi-strategy investment company focused on mining and natural resource companies in both developed and emerging markets. Pala Investments' exclusive investment advisor, Pala Investments AG, has extensive experience within the mining and natural resource sectors. Pala Investments seeks to assist companies in which it has long-term shareholdings by providing strategic advice and innovative financing solutions. For more information, visit www.pala.com.
Certain statements in the press release are forward-looking statements and are prospective in nature, including statements with respect to Pala's future intentions regarding the securities of Hana that it owns. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as "may", "should", "will", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe" or "continue", or the negative thereof or similar variations. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Such forward-looking statements should therefore be construed in light of such factors, and Pala is not under any obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
For further information:
please refer to the Early Warning Report posted on SEDAR or contact Colin Murray at 011 41 41 560 9070.