SAN FRANCISCO, Jan. 23 /CNW/ - PASSPORT MANAGEMENT, LLC ("Passport")
announced today that it has filed an early warning report with the Canadian
securities regulatory authorities concerning its control over 1,133,333 common
shares and 1,133,333 common share purchase warrants of Northrock Resources
Inc. ("Northrock") (TSX: NRK). Passport is an investment manager with full
investment discretion with regards to various investment funds, including
Passport Materials Master Fund, LP ("Materials"). Passport's control over
1,133,333 common shares and 1,133,333 common share purchase warrants represent
15.29% of the 13,688,265 shares outstanding per the issuers Management's
Discussion and Analysis filed on November 27, 2008 (assuming the exercise of
all 1,133,333 warrants).
On June 2, 2008 an Arrangement Agreement was entered into between
Rockgate Capital Corp. and Northrock, the resulting spin-off of shares of
Northrock to Materials and subsequent listing on the TSX Ventures Exchange on
or around November 27, 2008, resulted in Materials ownership of 1,133,333
common shares and 1,133,333 common share purchase warrants.
Passport has been granted the common shares and common share purchase
warrants of Northrock on behalf of Materials for passive investment purposes
and not with a view to influencing management or the direction of the company.
Materials as controlled by Passport may, as investment conditions warrant,
acquire further common shares and warrants or dispose of their respective
holdings of common shares and warrants of Northrock.
Passport Management, LLC is located at 30 Hotaling Place, Ste. 300, San
Francisco, CA 94111.
For further information:
For further information: Joanne Cormican at (415) 321-4618 or