Teck Resources (TCK) Acquires Minority Stake in Jet Gold Corp
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Teck Resources Limited (NYSE: TCK) announced that it acquired 8,333,333 common shares, and a $389,117 principal amount convertible debenture of Jet Gold Corp. ("Jet Gold"). Jet Gold issued the securities in satisfaction of $889,117 of indebtedness owing to a Teck subsidiary. Jet Gold had assumed the indebtedness in connection with its indirect acquisition of control over a 30% interest in Haib Minerals (PTY) Ltd., in which Teck indirectly holds a 70% interest. The common shares were issued for an aggregate price of $500,000, and the convertible debenture was issued for a price of $389,117. No cash consideration was paid by Teck and the purchase price was fully satisfied by set-off against the assumed indebtedness.
As a result of the transaction, Teck holds 8,333,333 Jet Gold common shares, approximately 11.6% of Jet Gold's outstanding common shares, and a $389,117 principal amount convertible debenture. The debenture matures in 48 months and is convertible at Teck's election, in whole or in part, into Jet Gold common shares at a price of $0.07 per share. If Teck were to convert the entire principal amount of the debenture, Teck would hold approximately 17.9% of Jet Gold's outstanding common shares, calculated on a partially diluted basis assuming the conversion of the debenture only.
Teck may determine to increase or decrease its holdings in Jet Gold depending on market conditions and any other relevant factors. This release is required to be issued under the early warning requirements of applicable securities laws. A copy of the early warning report may be obtained from the contacts listed below.
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