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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Otso Gold Corp | TSXV:OTSO | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.04 | 0.03 | 0.03 | 0 | 01:00:00 |
TORONTO, Nov. 17, 2020 /CNW/ - This press release is being issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the filing of an Early Warning Report regarding the acquisition of common shares of Otso Gold Corp. (the "Corporation"), an Alberta corporation with its securities trading on the TSX Venture Exchange under the symbol "OTSO" and having a head office located at 181 Bay Street, 27th Floor, PO Box 508, Toronto, Ontario, M5J 2S1, Canada.
On November 17, 2020, PFL Raahe Holdings LP ("Pandion"), of 40 King Street West, Suite 2100, Toronto, Ontario, M5H 3C2, acquired 8,496,320 common shares of the Corporation (representing the "Top-Up Right" in respect of common shares issuable to Pandion January 1, 2019 to the present as described below). The transaction occurred privately pursuant to a consent and agreement dated October 7, 2019 (the "Consent and Agreement"), which further amended a previously amended pre-paid gold forward agreement dated November 10, 2017 between the Corporation (then named Nordic Gold Corp.), its wholly-owned subsidiary at such time, Nordic Mines Marknad AB, and Pandion.
Pursuant to the Consent and Agreement, the liabilities formerly associated with the original pre-paid gold forward agreement were replaced with, among other things, the following:
Immediately prior to the acquisition, Pandion held, directly or indirectly, or exercised control or direction over, 38,754,785 (16.6%) common shares of the Corporation. After giving effect to the acquisition, Pandion acquired control and ownership over an aggregate 47,251,105 common shares of the Corporation, representing 19.5 % of the Corporation's issued and outstanding common shares.
Pandion acquired the securities for investment purposes. Pandion may acquire or dispose of additional securities of the Corporation in the future through the market, privately, or otherwise, as circumstances or market conditions warrant.
A copy of the Early Warning Report disclosing the transaction can be obtained on the Corporation's SEDAR profile at www.sedar.com or from Pandion at 40 King Street West, Suite 2100, Toronto, Ontario, M5H 3C2 or phone: (212) 822-9780.
SOURCE PFL Raahe Holdings LP
Copyright 2020 Canada NewsWire
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