LONDON, UNITED KINGDOM, Aug. 9 /CNW/ - Richard Hains today announced that he has acquired ownership of 13,870,343 common shares ("Common Shares") of Ratel Gold Limited ("Ratel") (TSX: RTL), representing approximately 15.9% of the issued and outstanding Common Shares, at a purchase price of C$0.20 per share for total consideration of C$2,274,068.60. As a result of this transaction, Mr. Hains beneficially holds 13,870,343 Common Shares, representing approximately 15.9% of the issued and outstanding Common Shares.
In addition, Ratel has an option to purchase property held an entity associated with Mr. Hains. If Ratel chooses to exercise this option before its expiry in August, 2010, Mr. Hains will acquire indirect ownership of an additional 2,500,000 Common Shares.
The Common Shares were acquired by Mr. Hains for investment purposes pursuant to Ratel's initial public offering of Common Shares. Mr. Hains may from time to time increase or decrease his holdings of Common Shares or other securities of Ratel.
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: 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.