TORONTO, Sept. 10, 2019 /CNW/ - Orion Mine Finance announced today an update in respect of its beneficial ownership of ordinary shares of Lydian International Limited ("Lydian") held by Orion Co-IV (ED) Limited, a company managed by Orion Mine Finance Management I Limited ("Orion").
On September 10, 2019, Orion entered into an agreement to sell 10,000,000 ordinary shares of Lydian ("Ordinary Shares") at a price of C$0.01 cash per Ordinary Share for an aggregate price of C$1,000,000 (the "Transaction"). Immediately prior to the Transaction, Orion beneficially owned 98,836,000 Ordinary Shares, representing approximately 13% of the issued and outstanding Ordinary Shares. Immediately following the Transaction, Orion beneficially owned 88,836,000 Ordinary Shares, representing approximately 11.7% of the issued and outstanding Ordinary Shares (based on there being 760,017,021 Ordinary Shares issued and outstanding). Since the date of its last early warning report, Orion decreased its securityholding percentage in the Ordinary Shares from approximately 16.9% to approximately 11.7%, representing a decrease of approximately 5.2%.
Orion's disposition of Ordinary Shares in the Transaction was made in the ordinary course of its business operations. Orion has no current plan or future intentions which relate to, or would result in, acquiring securities of Lydian, disposing of securities of Lydian, 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 Lydian's prospects and other factors considered relevant by Orion, Orion may acquire securities of Lydian 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 Lydian.
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 Lydian at www.sedar.com.
Forward-Looking Information
Certain statements in the press release are forward-looking statements and are prospective in nature, including statements with respect to Orion's future intentions regarding the securities of Lydian. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Such forward-looking statements should therefore be construed in light of such factors, and Orion is not under any obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
SOURCE Orion Mine Finance
