Mining’s old guard needs strong medicine
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ST. PETER PORT, GUERNSEY–(Marketwire – Sept. 28, 2012) – Praetorian Resources Limited (“Praetorian” or the “Offeror”)(LSE:PRAE), of 11 New Street, St. Peter Port, Guernsey, GY1 2PF, announces, pursuant to Regulation 62-103 respecting the Early Warning System and Related Take-Over Bid and Insider Reporting Issues (“Regulation 62-103”) that it acquired ownership of 5,000,000 units (each a “Unit”) of Maya Gold & Silver Inc. (“Maya”) at a price of $0.25 per Unit pursuant to a non-brokered private placement. Each Unit is comprised of one common share (each a “Share”) (such 5,000,000 Shares representing 5.63% of Maya’s issued and outstanding common shares (the “Common Shares”)) as well as one common share purchase warrants (each a “Warrant”) entitling the holder thereof to acquire one additional Common Share at a price of $0.35 per Common Share until September 12, 2014.
Further to the private placement, Praetorian directly and indirectly owns 12,000,000 Common Shares (representing 13.51% of the issued and outstanding Common Shares) and 2,500,000 Warrants of Maya exercisable to acquire 2,500,000 Common Shares. Should the Warrants be fully exercised, its holdings, both directly and indirectly, would represent 15.87% of the issued and outstanding Common Shares on a partially diluted basis.
The acquisition of 5,000,000 Shares and 2,500,000 Warrants was carried out by way of private placement in accordance with and in reliance on the “Accredited Investor” exemption in section 2.3 of Regulation 45-106 respecting Prospectus and Registration Exemptions.
The securities of Maya are held by Praetorian for investment purposes. Praetorian expects to review from time to time his investment in Maya and may, depending on the market and other conditions: (i) acquire securities or related financial instruments of Maya in the open market, in privately negotiated transactions or otherwise, and/or (ii) dispose of all or a portion of the securities or related financial instruments of Maya over which it now or hereafter exercises, or may be deemed to exercise, control or direction, or owns.
Additional information is provided in the early warning report filed on www.sedar.com by Praetorian pursuant to Regulation-62-103.
Contact Information
For further information or a
copy of the early warning report:
Charles Cannon-Brookes
+44 20 7389 5010
