KWG Shareholder Loeb Capital Liquidating Holdings
TORONTO, ONTARIO--(Marketwired - Jan 16, 2015) - KWG Resources Inc. (TSX VENTURE:KWG)(FRANKFURT:KW6), reports that Loeb King Capital Management advised its clients in a letter dated January 13, 2015 that "the funds will begin an orderly liquidation". According to a Bloomberg News report issued yesterday Loeb King Capital Management, an investment firm with about $1 billion, is closing after principal Gideon King decided to manage his own money. Loeb Capital Management LLP previously advised KWG management that it held approximately 49 million of KWG's issued and outstanding shares and yesterday advised that 8 million of those had been sold on the TSX Venture market this week.
"We have appreciated the long term support of Loeb King Capital and its principal Gideon King," said KWG President Frank Smeenk. "He has believed in our strategy and been with us in the trenches as we navigated the tortuous path to the creation of a new enterprise in Canada. The opportunity for our many smaller shareholders to acquire this equity interest now, at the prices Loeb is prepared to accept, is also welcomed by those of us who will continue. We wish Mr. King well."
About KWG: KWG has a 30% interest in the Big Daddy chromite deposit and the right to earn 80% of the Black Horse chromite where resources are being defined. KWG has also acquired patent interests, including a method for the direct reduction of chromite to metalized iron and chrome using natural gas. KWG also owns 100% of Canada Chrome Corporation which has staked claims and conducted a $15 million surveying and soil testing program for the engineering and construction of a railroad to the Ring of Fire from Exton, Ontario.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Shares issued and outstanding: 777,842,468