TORONTO, March 2, 2012 /CNW/ - Waterton Global Value (Luxembourg) S.à.r.l. (the "Waterton") announced that it acquired 14,000,000 warrants (each exercisable for one (1) common share) and 1,000,000 common shares (collectively, the "Securities") in the capital of Strike Minerals Inc. (the "Corporation"), representing approximately 17.93% of the issued and outstanding shares of the Corporation (assuming the full exercise of the warrants).
Pursuant to the terms and conditions of a certain secured bridge loan agreement dated December 13, 2011 between the Corporation and Waterton (collectively, the "Parties"), whereby Waterton agreed to make available to the Corporation a loan in the aggregate amount of $350,000 (the "Bridge Loan Agreement"), the Corporation issued 1,000,000 common shares in favour of Waterton.
Pursuant to the terms and conditions of a certain secured credit agreement dated February 21, 2012 between the Parties, whereby Waterton agreed to make available to the Corporation a loan in the aggregate amount of $3,500,000 (the "Credit Agreement"), the Corporation issued 14,000,000 warrants to Waterton.
Waterton acquired the Securities that are the subject of this press release for investment purposes. However, Waterton may, depending on various factors including, without limitation, market and/or other conditions, increase or decrease its ownership, control or direction over the Securities.
In this press release, for the purpose of calculating the percentage of Shares owned, Waterton has assumed that there are 69,647,110 common shares outstanding as of October 31, 2011, as reported by the Corporation in their latest MD&A filed on SEDAR.
This press release is issued pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which also requires a report to be filed with regulatory authorities in each of the jurisdictions in which the Corporation is a reporting issuer containing information with respect to the foregoing matters (the "Early Warning Report"). A copy of the Early Warning Report will appear with the Corporation's documents on the System for Electronic Document Analysis and Retrieval and may also be obtained by contacting Waterton at [email protected].
The Toronto Stock Exchange has not reviewed and does not accept the responsibility for the accuracy or adequacy of this press release.
For further information:
contact Waterton at [email protected]