Greenstone Resources affiliate and nominee, Greenstone Management acting in its capacity as general partner of Greenstone HRR Holdings II L.P. has acquired an aggregate of 398,496,241 additional common shares of Heron Resources Limited at a price per common share of Cdn$0.07, for aggregate gross proceeds of US$21,200,000 (approximately Cdn$27,895,000). The Greenstone Subscription forms part of a larger equity financing by Heron, as disclosed by Heron in its press release of September 7, 2017.
The Greenstone Subscription occurred in two separate tranches that completed simultaneously. In connection with the Greenstone Subscription, Greenstone acquired an aggregate of 398,496,241 common shares of Heron. As such and including the 54,131,658 common shares owned by Greenstone and Greenstone HRR Holdings LP, a joint actor of Greenstone prior to the Greenstone Subscription, Greenstone and the Joint Actor currently have ownership of and control over a total of 452,627,899 common shares of the issuer, representing approximately 18.7% of the total issued and outstanding common shares of the issuer, representing an increase of 7% to the 11.7% ownership interest of common shares of the issuer owned by Greenstone and the Joint Actor prior to completion of the Greenstone Subscription.
Greenstone is a private equity fund specialising in the mining and metals sector. The Greenstone team has over 80 years of experience in the sector covering all aspects of mining project development.