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VANCOUVER, British Columbia, Feb. 11, 2021 (GLOBE NEWSWIRE) -- Gold Fields Nazca Holdings Inc. ("GFNH"), a wholly-owned indirect holding subsidiary of Gold Fields Limited, announces that it has purchased 5,810,000 common shares ("Chakana Shares") in the capital of Chakana Copper Corp. ("Chakana") (TSX-V: PERU; OTC: CHKKF; FWB: 1ZX) from treasury at a price of C$0.50 per Chakana Share for an aggregate cost of C$2,905,000.
The purchase was completed pursuant to a subscription agreement between Chakana and GFNH and following the exercise of a participation right under an investment agreement between GFNH and Chakana dated April 29, 2019 (the "Investment Agreement") in the context of a larger offering of Chakana Shares (the "Offering") announced by Chakana on January 20, 2021. Immediately prior to the acquisition and the issuance of the purchased Chakana Shares, GFNH owned and controlled 15,686,275 Chakana Shares, representing approximately 16.8% of the then issued and outstanding Chakana Shares. Upon completion of the subscription and the Offering, GFNH now owns 21,496,275 Chakana Shares, representing approximately 19.99% of the issued and outstanding Chakana Shares.
GFNH acquired the 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, and may from time to time engage in discussions with, or make proposals to, Chakana or other third parties regarding any of the matters listed in paragraphs (a) through (k) of Item 5 of Form NI 62-103F1 - Required Disclosure under the Early Warning Requirements of the Canadian Securities Administrators.
For further information, including a copy of the corresponding report filed with Canadian securities regulators, please visit www.sedar.com or contact:
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