From the Century Early Warning Report filed today on Sedar:
Immediately prior to the execution of the Subscription Agreement, Finskiy indirectly owned and/or controlled, together with joint actors, a total of 22,372,759 Common Shares, representing approximately 9.9% of the then issued and outstanding Common Shares, of which 7,142,857 Common Shares, representing approximately 3.2% of the then issued and outstanding Common Shares, were owned and/or controlled by Gravity Ltd. (“Gravity”), a company beneficially owned and/or controlled by Francis Scola. Immediately prior to the execution of the Subscription agreement, Finskiy did not, directly or indirectly, beneficially own or control any common share purchase warrants of Century.
2 comments:
Hi Carib,
The 7,142,857 shares were the original shares purchased in the private transaction back in September. I guess now we know that it was Scola (Gravity) that took that original stake in Century Mining.
Given this new info, it is sounding like Scola (Gravity) will own 13,392,857 (7,142,857 + 6,250,000) Century shares once everything gets fully closed off.
From Finskiy's Dec. 23rd press release:
"Finskiy currently indirectly owns and/or controls, together with joint actors, a total of 22,372,759 common shares of the Company"
Finskiy talks about "joint actors" in that statement, which allows Scola's 7,142,857 (Gravity) shares to be counted in that total.
Now, again, from Finskiy's Dec. 23rd press release:
"Maxim Finskiy ("Finskiy"), Voznesensky Pereulok 22, 125993 Moscow, Russia, announces that a company wholly-owned by him has entered into a subscription agreement to purchase 78,750,000 units of securities"
Now, in this statement Finskiy talks specifically about his Russian company. Thus, there is no room for new PP shares from Scola and Gravity (American company) to be lumped into this number. The 78,750,000 new PP shares appears to be owned strictly by Finskiy's Russian company.
However, the 78,750,000 shares (@ $.20) only equate to C$15.75M.
Now, from Century's Dec. 24th NR:
"has signed all documentation and agreements related to the US$33 million prepaid gold forward facility and the CDN$17 million private placement."
The PP is for C$17M.
C$17.0M total PP - C$15.75 Finskiy's share = C$1.25M or 6,250,000 Century shares not taken by Finskiy's Russian company
The logical thinking is that Scola has subscribed for these extra 6,250,000 shares, thus bringing his total Century holdings to 13,392,857. If Scola didn't subscribe to the extra 6,250,000 shares then maybe it was another associate of Finskiy, or even someone else. I doubt it though as that would have likely initiated another TSX Venture approval document, similar to the $4M FT financing purchase. It almost seems like the original conditional approval given by the TSX-V for the $21M PP was only given to Finskiy and Scola, with subscription by any other players requiring additional approval (so it seems anyway, but who knows).
Sounds to me like the shares are being held by a holding company.
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