VANCOUVER, British Columbia, April 29, 2019 (GLOBE NEWSWIRE) -- Gold Fields Nazca Holdings Inc. (“GFNH”), a wholly-owned indirect holding subsidiary of Gold Fields Limited, announces that it has agreed to subscribe for and purchase from treasury 15,686,275 common shares (the “Chakana Shares”) in the capital of Chakana Copper Corp. (“Chakana”) (TSX-V: PERU; OTC: CHKKF; FWB: 1ZX) at a price of C$0.51 per Chakana Share for total gross proceeds of C$8,000,000.
The subscription will be completed pursuant to an investment agreement between GFNH and Chakana dated April 29, 2019 (the “Investment Agreement”). Immediately prior to the entering into of the Investment Agreement and the issuance of the Chakana Shares thereunder, GFNH did not and will not own or have control over any Chakana Shares. Following the completion of its subscription, GFNH will own 15,686,275 Chakana Shares, representing approximately 16.14% of the then issued and outstanding Chakana Shares.
GFNH is acquiring its Chakana Shares for investment purposes. GFNH will continue to monitor the business, prospects, financial condition and potential capital requirements of Chakana. Depending on its evaluation of these and other factors, and subject to certain pro rata participation rights and a maximum ownership percentage limit of currently 19.9% of the issued and outstanding Chakana Shares as set out in the Investment Agreement, GFNH may from time to time in the future increase or decrease its direct or indirect ownership, control or direction over the Chakana Shares or other securities of Chakana through market transactions, private agreements, subscriptions from treasury or otherwise.
For further information, including a copy of the corresponding report filed with Canadian securities regulators, please visit www.sedar.com or contact:
Telephone: +27 11 562 9763
Mobile: +27 83 260 9279
Telephone: +27 11 562 9775
Mobile: +27 82 312 8692
Telephone: +27 11 562 9849
Mobile: +27 72 493 5170