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Century Global, CEO Shim purchase 1.83mln shares

Thursday, October 27, 2016 11:49
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(Before It's News)

Century Global Commodities Corp. (CVE:CNT, TSE:CNT) and Sandy Chim, president and chief executive officer, have purchased of a total of 1,834,000 ordinary shares in the capital of the company from Champion Iron Mines Ltd, according to a corporate statement on Thursday.

The acquisition of these shares was completed through the facilities of the Toronto Stock Exchange as an open market transaction at a price of 17.5 cents per share for an aggregate consideration of $320,950.

Century acquired a total of 930,000 ordinary shares in the transaction as a block purchase under its current normal course issuer bid. Century is instructing its transfer agent to cancel all 930,000 shares repurchased.

Chim acquired from Champion a total of 904,000 ordinary shares in the transaction. Immediately prior to the transaction, Chim owned directly and controlled (through Thriving Century Ltd., a holding company owned and controlled by Chim) a total of 16,703,817 ordinary shares of the company, corresponding to approximately 16.9 per cent of the issued and outstanding ordinary shares of the company.

Immediately after the transaction, Chim owns directly and controls (through Thriving Century) a total of 17,607,817 ordinary shares of the company, corresponding to approximately 17.99 per cent of the issued and outstanding ordinary shares (after giving effect to the cancellation of all 930,000 ordinary shares acquired by Century in the transaction).

Chim also holds options for 3.3 million ordinary shares and share units that could result in the issuance of a further 400,000 ordinary shares upon vesting. Of these securities, options for a total of 933,333 shares are exercisable now and within 60 days, and if such options are exercised, Chim would hold 18.77 per cent of the company’s then outstanding shares.

Chim acquired the 904,000 ordinary shares for investment purposes. Subject to compliance with applicable securities laws, Chim reserves the right to directly or indirectly purchase additional securities of the company or dispose of securities of the company.

Story by ProactiveInvestors

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