OCEAN PARTNERS HOLDINGS LIMITED ACQUIRES SHARES OF CYGNUS METALS LIMITED
MAIDENHEAD, United Kingdom, January 6, 2025 /CNW/ - Ocean Partners Holdings Limited ("Ocean Partners") announces that it has acquired ordinary shares ("Cygnus Shares") in the capital of Cygnus Metals Limited ("Cygnus").
On December 31, 2024, 1505901 B.C. Ltd., a wholly-owned subsidiary of Cygnus, acquired all of the issued and outstanding common shares (the "Doré Copper Shares") in the capital of Doré Copper Mining Corp. pursuant to a statutory plan of arrangement under section 192 of the Canada Business Corporations Act (the "Arrangement"). Pursuant to the Arrangement, holders of Doré Copper Shares received 1.8297 Cygnus Shares in exchange for each Doré Copper Share held immediately prior to the effective time of the Arrangement. Upon completion of the Arrangement, Ocean Partners, through Ocean Partners UK Limited ("OPUK") and Ocean Partners USA, Inc. ("OPUSA"), acquired a total of 88,170,130 Cygnus Shares in exchange for the 48,188,299 Doré Copper Shares that Ocean Partners held prior to the Arrangement.
Immediately before the completion of the Arrangement, Ocean Partners, through OPUK, beneficially owned 1,388,889 Cygnus Shares, representing approximately 0.26% of the issued and outstanding Cygnus Shares (based on the number of Cygnus Shares issued and outstanding immediately before the completion of the Arrangement, being 533,489,999 Cygnus Shares). Immediately after the completion of the Arrangement, Ocean Partners, through OPUK and OPUSA, beneficially owned 89,559,019 Cygnus Shares, representing approximately 10.56% of the issued and outstanding Cygnus Shares (based on the number of Cygnus Shares issued and outstanding immediately after the completion of the Arrangement, being 848,319,650 Cygnus Shares), which is an increase of approximately 10.30% in its securityholding percentage in the Cygnus Shares.
Ocean Partners acquired ownership of and control over the 88,170,130 Cygnus Shares. Upon completion of the Arrangement, the Cygnus Shares acquired by Ocean Partners were issued in exchange for the Doré Copper Shares held by Ocean Partners prior to the Arrangement, without payment of additional consideration, at an exchange ratio of 1.8297 Cygnus Shares for each Doré Copper Share.
Ocean Partners automatically acquired the Cygnus Shares upon the completion of the Arrangement. Ocean Partners holds the Cygnus Shares for investment purposes. Ocean Partners and its joint actors currently have no plans or future intentions which relate to, or would result in, any of the actions requiring disclosure under the early warning reporting provisions of applicable securities laws. However, depending on market conditions, general economic and industry conditions, trading prices of Cygnus' securities, Cygnus' business, financial condition and prospects and/or other relevant factors, Ocean Partners and its joint actors may develop such plans or intentions in the future and may from time to time acquire additional Cygnus Shares or other securities of Cygnus, dispose of some or all of the existing or additional Cygnus Shares or other securities of Cygnus or may continue to hold the Cygnus Shares or other securities of Cygnus.
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 Cygnus at www.sedarplus.ca. To obtain a copy of the early warning report, you may also contact Siva Pillay, Co-CEO of Ocean Partners, at +44 1628 644 060. Ocean Partners' address is Third Floor, The Pearce Building, West Street, Maidenhead, Berkshire, United Kingdom, SL6 1RL. The address of the head office of Cygnus is Level 2, 8 Richardson Street, West Perth, Western Australia, 6005, Australia.
SOURCE OCEAN PARTNERS HOLDINGS LIMITED