2013-01-03 22:38:45 -
TORONTO, ONTARIO -- (Marketwire) -- 01/03/13 -- Evanachan Limited ("Evanachan") announces that it has subscribed, by way of a private placement, for 5,000,000 flow-through units (the "Units") of Ginguro Exploration Inc. ("Ginguro") at a price of $0.10 per Unit for an aggregate amount of $500,000. Each Unit consists of one (1) flow-through common share and one half (1/2) common share purchase warrant (the "Transaction"). Each common share purchase warrant entitles Evanachan to purchase one (1) additional common share in Ginguro at a price of $0.15 for a period of 24 months from the date of issuance thereof, being December 24, 2012.
The shares purchased pursuant to the Transaction (assuming the exercise of the common share purchase warrants) represent approximately 11.25% of the current number of outstanding shares of Ginguro on a fully diluted basis. The shares were issued from Ginguro's treasury. Prior to the Transaction, Evanachan held no interest in Ginguro.
Evanachan entered into the Transaction for investment purposes and may increase or reduce its investment in Ginguro according to market conditions or other relevant factors.
A copy of the early warning report filed in connection with the Transaction will be made available on SEDAR (www.sedar.com).