As a result of prior equity issuances by Revival Gold in which Orion did not participate (the “Company Issuances”), Orion’s ownership interest in Revival Gold was diluted below 10% of the then issued and outstanding Common Shares, calculated on a partially diluted basis.
Orion Mine Finance reported an update in respect of its useful ownership for common shares of Revival Gold Inc. (“Recovery Gold”), held by Orion Mine Finance Fund II LP, limited partnership managed by Orion Mine Finance Management II Limited (collectively, “Orion”).On December 2, 2021, Orion sold 154,000 common shares of Revival Gold (“Common Shares”) as per a private agreement at a cost of US$0.5038 in real money per Common Share for gross returns of US$77,585 (the “Transaction”). The Transaction was Orion’s first acquisition or disposition of Common Shares since a Company Issuance.
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Immediately prior to the Transaction, Orion beneficially owned 5,492,000 Common Shares and 350,000 Common Share purchase warrants (“Warrants”), representing approximately 8.1% of the issued and outstanding Common Shares, calculated on a partially-diluted basis (assuming exercise in full of its Warrants and based on there being 71,384,267 Common Shares issued and outstanding on the date hereof). Immediately following the Transaction, Orion beneficially owned 5,338,000 Common Shares and continued to own 350,000 Warrants, representing approximately 7.9% of the issued and outstanding Common Shares, calculated on a partially-diluted basis (assuming exercise in full of its Warrants and based on there being 71,384,267 Common Shares issued and outstanding on the date hereof), which is a decrease of 0.2% in its securityholding percentage in the Common Shares.
Orion’s disposition of the Common Shares in the Transaction was made in the ordinary course of its business operations. Orion has no current plan or intentions which relate to, or would result in, acquiring securities of Revival Gold, disposing of securities of Revival Gold, or any of the other actions requiring disclosure under the early warning reporting provisions of applicable securities laws. Depending on market conditions, Orion’s view of Revival Gold’s prospects and other factors Orion considers relevant, Orion may acquire securities of Revival Gold from time to time in the future, in the open market or pursuant to privately negotiated transactions, or may sell all or a portion of its securities of Revival Gold.
This news release is being issued under the early warning reporting provisions of applicable securities laws. An early warning report with additional information in respect of the foregoing matters will be filed and made available under the SEDAR profile of Revival Gold at www.sedar.com. To obtain a copy of the early warning report, you may also contact Rick Gashler, Chief Compliance Officer of Orion Resource Partners (USA) LP at 212-596-3497. Orion’s address is Cumberland House, 7th Floor, 1 Victoria Street, Hamilton HM11, Bermuda. Revival Gold’s head office is located at 145 King St. West, Suite 2870, Toronto, Ontario, M5H 1J8. Orion’s ownership of Common Shares is now below the reporting threshold prescribed by applicable securities laws.
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