SAN FRANCISCO, Oct. 24 /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 2,343,000 common
shares of Richfield Ventures Corp. ("Richfield") (TSX-V: RVC), representing
9.14% of the 25,648,189 common shares referred to as being issued and
outstanding as per Richfield's most recent interim MD&A dated June 27, 2008.
Passport also controls 2,000,000 warrants that are exercisable for common
shares at an exercise price of $0.45 per share and which will expire on
June 8, 2009. In the event that Passport exercises all of its warrants, it
would control 15.71% of Richfield's common shares then outstanding.
Passport is an investment manager with full investment discretion with
regards to various investment funds, including Passport Materials Master Fund,
LP ("Materials Fund"). As such, Passport controls the 2,343,000 common shares
and the 2,000,000 warrants of Richfield that are beneficially owned by the
Materials Fund. 2,000,000 of the common shares and the 2,000,000 warrants of
Richfield were purchased by Passport on behalf of the Materials Fund in the
context of Richfield's "Qualifying Transaction" on the TSX Venture Exchange
that was completed on or around November 8, 2007. The balance of 343,000
common shares were purchased by Passport on behalf of the Materials Fund
through open market transactions on the TSX Venture Exchange in the period
between November 29, 2007 and January 17, 2008. Further information regarding
Passport's control of securities of Richfield has been made available on the
System for Electronic Disclosure by Insiders (SEDI) at www.sedi.ca.
Passport has purchased common shares and warrants of Richfield on behalf
of the Materials Fund for passive investment purposes and not with a view to
influence management or the direction of the company. The Funds controlled by
Passport may, as investment conditions warrant, acquire further securities or
dispose of their respective holdings of securities of Richfield.
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