Praetorian Resources Limited Announces Change in Holdings in Maya Gold & Silver Inc.
ST. PETER PORT, GUERNSEY -- (Marketwired) -- 06/05/13 -- Praetorian Resources Limited ("Praetorian"), 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 3,500,000 common share purchase warrants (each a "Warrant") of Maya Gold & Silver Inc. (TSX VENTURE: MYA) ("Maya") pursuant to the share exchange agreement entered into between Maya and Praetorian on July 4, 2012, as amended by the amending agreement entered into between the same parties on September 26, 2012 (the "Share Exchange"). Each Warrant entitles the holder thereof to acquire one common share in the share capital of Maya at a price of $0.35 per common share until November 1, 2014.
Following the Share Exchange, Praetorian directly and indirectly owns 13,816,000 common shares of Maya (representing 12.66% of the issued and outstanding common shares of Maya) and 6,300,000 common share purchase warrants of Maya exercisable to acquire in the aggregate 6,300,000 common shares in the share capital of Maya. Should the 6,300,000 common share purchase warrants be fully exercised, its holdings, both directly and indirectly, would represent 17.43% of the issued and outstanding common shares of Maya on a partially diluted basis.
The issuance of the 3,500,000 Warrants was carried out pursuant to the Share Exchange 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 its 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.
Contacts:
Charles Cannon-Brookes
+44 20 7389 5010