Sept. 3, 2013
/CNW/ - On 30
August, 2013, Appian Natural Resources Fund LP ("
") acquired ownership and control of 3,535,000 common shares (the "
") of Red Eagle Mining Ltd. ("
"). The Shares were acquired at a price of
per Share pursuant to a share purchase agreement dated 30
August, 2013 between Appian and the seller. This acquisition resulted in a change in beneficial ownership of such Shares. Immediately after the acquisition and as at 30
August, 2013, Appian beneficially owned, or exercised control and direction over, an aggregate of 8,989,545 shares of
, representing approximately 15.3% of the outstanding shares of
(based upon the 58,567,818 common shares stated to be issued and outstanding as of 31
March, 2013 by
in its management's discussion and analysis for the three months ended 31
March, 2013 and filed on SEDAR on 30
The Shares were acquired for investment purposes. Depending on the development of
business, financial condition, the market for
securities, general economic conditions and other factors, Appian may acquire additional shares of
, or sell some or all of the shares it holds, in the open market, by private agreement or otherwise.
An early warning report will be filed by Appian in accordance with applicable securities laws and will be available under
profile on the SEDAR website at
, General Partner of Appian Capital Advisory LLP, commented: "We are delighted to increase our ownership in
and to support management in the development of the company, in particular the continued accelerated development of the Santa Rosa gold project in
. This is in line with Appian's strategy to provide long term financial and operating support in the development or redevelopment of mining projects."
, CEO of
, stated: "We are very pleased that Appian has continued to support
and to show its commitment to the development of our company through this further investment. We look forward to strengthening our relationship and benefiting from their cornerstone shareholding and strategic advice."
About Appian Natural Resources Fund LP
Appian Natural Resources Fund is a metals and mining private equity fund providing long-term capital to both private and public mining companies. Appian's senior management, with a presence in
, are a combination of major mining company, private equity and mining investment banking professionals who have collectively built and managed 60+ mines and transacted around
worth of transactions. Appian's principal tenet is to provide both long-term capital and operating skills to companies, partnering with management with the aim of developing assets into production, or ramping up existing production, to realise full value potential.
SOURCE Appian Capital Advisory LLP