MINNEAPOLIS--(BUSINESS WIRE)--Castlelake, L.P. (Castlelake), on behalf of Castlelake III, L.P. and Castlelake IV, L.P. (the Funds), today announced that the Funds have entered into an agreement (Agreement) with Heron Resources Limited (Heron) (ASX: HRR, TSX: HER) to acquire a total of 466,701,376 Ordinary Shares of Heron, comprising 45,856,116 Ordinary Shares (the Tranche 1 Shares) at a price of AU$0.07 per share for aggregate proceeds of AU$3,209,928 and a further 420,845,260 Ordinary Shares (the Tranche 2 Shares) at a price of AU$0.07 per share for aggregate proceeds of AU$29,459,168. The acquisition of these Ordinary Shares is part of a larger funding package (the Funding Package) that was announced by Heron on June 30, 2017.
The Tranche 1 Shares are scheduled to be acquired on July 4, 2017 and represent approximately 9.95% of the outstanding Ordinary Shares of Heron following the issue of the Tranche 1 Shares. After giving effect to the Tranche 1 closing, the Funds beneficially own, and Castlelake has control or direction over, an aggregate 45,856,116 Ordinary Shares, representing approximately 9.95% of the issued and outstanding Ordinary Shares of Heron.
The acquisition of the Tranche 2 Shares is scheduled to occur in early September 2017, subject to the satisfaction of certain terms and conditions as set out in the Agreement. The Tranche 1 Shares together with the Tranche 2 Shares to be acquired by the Funds, and along with Ordinary Shares to be otherwise issued at the Tranche 2 closing as part of the Funding Package, represent approximately 19.90% of the issued and outstanding Ordinary Shares of Heron (after giving effect to the issuance of the Tranche 1 Shares, the Tranche 2 Shares and the additional Ordinary Shares issuable at the Tranche 2 closing as part of the Funding Package).
Castlelake holds its securities in Heron for investment purposes and may, in the future increase or decrease its ownership of securities in Heron directly or indirectly from time to time depending upon the business and prospects of Castlelake and future market conditions.
Castlelake maintains its principal office at 4600 Wells Fargo Center, 90 South Seventh Street, Minneapolis, MN 55402.
An early warning report to be filed in conjunction with this news release will be available under Heron’s SEDAR profile at www.sedar.com.
For further information or to obtain a copy of the report, please contact Molly Schlax, corporate communications at Castlelake: +1 612 851 3083 or email@example.com.
Castlelake, L.P. is a global private investment firm focused on investments in alternative assets, sub-performing loans, dislocated industries and corporate special situations, and is an experienced leader in aircraft ownership and servicing. Castlelake’s team comprises more than 100 professionals with deep expertise, located in Minneapolis and London. Castlelake manages private funds with more than $10.3 billion in assets, on behalf of endowments, foundations, public and private pension plans, private funds, family offices, insurance companies and sovereign wealth funds. For more information, visit www.castlelake.com.