On May 20, 2008, Mr. Pierre Lassonde announced today that he has recently purchased 700,000 common shares of Olivut Resources Ltd. (OLV: TSX-V) through the facilities of the TSX Venture Exchange. As a result of these recent purchases, Mr. Lassonde currently owns or exercises control and direction over 3,638,571 common shares of the Company and 269,285 warrants exercisable at $2.00 per share until May 2009. Mr. Lassonde's current shareholdings represent approximately 11.5% of the current issued and outstanding common shares of the Company and 12.4% assuming the warrants are exercised. Mr. Lassonde has further advised the Company that he has acquired the additional 700,000 common shares for investment purposes.
Link: http://www.newswire.ca/en/releases/archive/May2008/20/c2339.html
About Olivut Resources (OLV:TSXV)
Olivut Resources Ltd. is a new exploration and development company that commenced trading on the TSX Venture Exchange (TSX-V:OLV) Toronto, Canada on January 10, 2007.
The listing was accompanied by a C$5,547,500 financing. In addition, on May 14,2007 the Company announced the closing of a private placement of 4,600,000 units at C$1.75 per unit for gross proceeds of C$8.05 million.
The Company’s principal asset is a 100% interest in over 2.6 million acres (>1 million hectares) comprising the HOAM Project in the Interior Plains region of Canada's Northwest Territories. This region is considered to be favourable for the emplacement of diamond bearing kimberlites and Olivut has numerous targets defined for drilling.
The community of Fort Simpson is located approximately 15 kms from the property in the south and the village of Deline is located about 20 kms from the project area in the north. This region, prior to Olivut’s involvement in the area, was subjected to little modern exploration techniques. High resolution, regional magnetic geophysical surveys, detailed heli-mag geophysical surveys and geochem sampling programs all conducted by Olivut have identified several favourable areas for kimberlite emplacement.
Who is Pierre Lassonde?
Pierre is currently a Director and Chairman of Franco-Nevada (FNV: TSX), a resource royalty and investment company, with approximately 185 precious and base metals royalty interests and over 100 oil and natural gas royalty and/or working interests. Mr. Lassonde formerly served as President of Newmont Mining Corporation from 2002 to 2006 and resigned as a director and Vice-Chairman of Newmont Capital. Previously Mr. Lassonde served as a director and President (1982 to 2002) and Co-Chief Executive Officer (1999 to 2002) of Old Franco-Nevada. Mr. Lassonde also served as President and Chief Executive Officer of Euro-Nevada Mining Corporation from 1985 to 1999, prior to its amalgamation with Old Franco-Nevada. Mr. Lassonde served as a director of Normandy Mining Limited from 2001 to 2002. Mr. Lassonde is the past chairman of the World Gold Council.
Investment Risks
Without limitations, some of the risks include reserves and resource risk, development risks, permitting risks, off-take agreements, commodity price risks, geo-political risks, exchange rates, weather related impacts etc.
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