Orion Mine Finance Announces Updates to Holding of Victoria Gold Corp. Shares
TORONTO, Nov. 16, 2021 /CNW/ - Orion Mine Finance today confirmed certain details of its shareholdings in Victoria Gold Corp. (TSXV: GCX) ("Victoria"), following the disposition on by Orion Co-VI Ltd., a corporation controlled by Orion Mine Finance Management II Limited (collectively, "Orion") on November 15, 2021, of a total of 860,000 common share purchase warrants ("Warrants") in a private transaction for aggregate consideration of C$7,460,500.
Immediately prior to the transactions, Orion held 6,017,100 Common Shares and 860,000 Warrants of Victoria. Prior to the transactions, on a partially diluted basis, Orion had a securityholding percentage of 10.83% (based on 62,615,874 common shares outstanding). Following the closing of the transactions, Orion will hold 6,017,100 Common Shares and nil Warrants. On a partially diluted basis, Orion will have a securityholding percentage of approximately 9.36%, a decrease in its securityholding percentage of approximately 1.47%.
Orion's disposition of the Warrants in the transaction was made in the ordinary course of its business operations. Orion continues to evaluate its holdings in Victoria, including potentially disposing of additional securities in the ordinary course of business, but has no current plan or intentions which relate to 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 Victoria's prospects and other factors Orion considers relevant, Orion may acquire securities of Victoria 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 Victoria.
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 Victoria 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. Orion's securityholding percentage of Common Shares is now below the reporting threshold prescribed by applicable securities laws.
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 Victoria. 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 Management II Limited
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Rick Gashler, Chief Compliance Officer of Orion Resource Partners (USA) LP at 212-596-3497
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