LONDON, Feb. 26, 2015 /CNW/ - Richard Hains today announced that on February 18, 2015 he acquired beneficial control of 3,466,67 common shares of RTG Mining Inc. (RTG) and 1,133,329 subscription receipts, including ownership and control of 3,052,177 common shares and 997,823 subscription receipts. Each subscription receipt is convertible into a common share without further action by Mr. Hains provided that certain conditions have been satisfied, including RTG having received the necessary approval for the conversion of such subscription receipts into common shares.
The common shares and subscription receipts were issued as units on a private placement basis by RTG, with each unit consisting of 0.753624 common shares, and 0.246376 subscription receipts. Each unit was acquired at a price of $0.68 (Australian dollar) (or $0.66 Canadian dollar based on the Bank of Canada noon exchange rate on February 18, 2015).
Assuming that the conditions for the conversion of the subscription receipts have been satisfied, Mr. Hains will control 13,683,359 common shares, or 10.19% of RTG's issued and outstanding common shares on a diluted basis. Of the 13,683,359 common shares, Mr. Hains will own and control 12,924,859 common shares, or 9.62% of RTG's issued and outstanding common shares on a diluted basis.
The common shares were acquired for investment purposes and Mr. Hains may from time to time increase or decrease his holdings of common shares or other securities of RTG.
A copy of the early warning report being filed by Mr. Hains with the applicable securities regulators will be available on SEDAR (www.sedar.com).
SOURCE Richard Hains
For further information: or to obtain a copy of the early warning report filed under applicable securities laws, please contact: Richard Hains, +44 20 7724 1528.