- Minto (MNTO) is announcing a C$100,000 investment from Lion Point Capital, a significant shareholder
- Lion Point has established a $100,000 automatic securities purchase plan to purchase Minto shares in the open market at a maximum of $2.00 per share
- The plan will be effective for 12 months commencing on or about November 30, 2022, but may end earlier upon reaching a maximum of 100,000 purchased shares
- Lion Point manages Cedro Holdings I, which holds 20,076,288 (27.5 per cent) of Minto’s issued and outstanding shares
- Minto Metals operates the producing Minto Mine on Selkirk First Nation territory in Yukon’s Minto Copper Belt
- Minto (MNTO) opened unchanged, trading at $1.10 per share
Minto (MNTO) is announcing a C$100,000 investment from Lion Point Capital, a significant shareholder.
Lion Point has established a $100,000 automatic securities purchase plan (ASPP) with a registered broker to purchase Minto shares in the open market at a maximum of $2.00 per share.
The ASPP will be effective for 12 months commencing on or about November 30, 2022, but may end earlier upon reaching a maximum of 100,000 purchased shares.
The arrangement allows Lion Point to purchase Minto shares at times when the significant shareholder would otherwise be prohibited from doing so due to securities laws and Minto’s internal trading policies.
Due to takeover bid regulation, purchases cannot exceed 5 per cent of Minto’s outstanding shares on a rolling 12-month basis.
Lion Point manages Cedro Holdings I, which holds 20,076,288 (27.5 per cent) of Minto’s issued and outstanding shares.
Minto Metals operates the producing Minto Mine on Selkirk First Nation territory in Yukon’s Minto Copper Belt. Since 2007, the mine has yielded approximately 500 million lbs of copper.
Minto (MNTO) opened unchanged, trading at $1.10 per share.