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Nov. 20, 2012 /CNW/ - Aterra Investments Limited ("Aterra") announced that it currently owns 28,125,000 common shares of Plains Creek Phosphate Corporation ("Plains Creek") and warrants to purchase an additional 14,062,500 common shares of Plains Creek. The shares owned by Aterra represent approximately 7.25% of the currently outstanding common shares of Plains Creek. If all of the warrants owned by Aterra were to be fully exercised, the shares acquired upon such exercise, together with the shares currently owned by Aterra, would represent approximately 10.5% of the then outstanding common shares of Plains Creek.
The shares and warrants were acquired in a previously announced private placement by Plains Creek which closed in two equal tranches on
January 17, 2012 and
March 8, 2012 at a price of
$0.08 per unit, each unit consisting of one common share and one-half of one warrant. Each whole warrant entitles the holder to purchase one additional common share of Plains Creek at a price of
Cdn$0.11 per share until the date which is 18 months from the date of issuance of such warrant. Aterra (formerly Tabac Ventures Ltd.) acquired the common shares and warrants for investment purposes and continues to monitor the business, prospects, financial condition and potential capital requirements of Plains Creek. Depending on its evaluation of these and other factors, Aterra may from time to time in the future increase or decrease its ownership, control or direction over the common shares or other securities of Plains Creek through market transactions, private agreements, subscriptions from treasury or otherwise.