TORONTO, March 18, 2016 /CNW/ - Rasenberg Management Limited, 380 Wellington Street, 6th Floor, Tower B, London, Ontario N6A5B5 (the "Offeror"), announced its acquisition of 16,000,000 units of California Gold Mining Inc. (the "Company"). Each unit is comprised of one common share and one common share purchase warrant, with each warrant entitling the holder to acquire a further common share of the Company at a price of $0.10 for three years following the date of issuance. Following the acquisition the Offeror is the holder of a total of 41,600,000 common shares and 41,600,000 common share purchase warrants representing 14.4% of the total issued common shares on an undiluted basis and 25.2% assuming the convertible securities held by the Offeror are exercised.
Scott Rasenberg personally owns 1,125,000 common shares and 780,000 common share purchase warrants of the Company. When these securities are taken together Rasenberg and joint actors own 42,725,000 common shares and 42,380,000 common share purchase warrants, representing 14.8% of the total issued common shares on an undiluted basis and 25.75% assuming the convertible securities held by Rasnberg and joint actors are exercised.
The units were acquired at a price of $0.05 per unit pursuant to a private placement completed by the Company on March 17, 2016.
The Offeror acquired these securities for investment purposes and has no present intention to acquire further securities of the Company, although it may in the future acquire or dispose of securities of the Company, through the market, privately or otherwise, as circumstances or market conditions warrant.
This news release is issued pursuant to National Instrument 62-103 - The Early Warning System. A copy of the Early Warning Report will appear with the Company's documents on the SEDAR website at www.sedar.com.
SOURCE Rasenberg Management Limited
For further information: Scott Rasenberg, tel: 1 519 471 5549, [email protected]