TORONTO, Jan. 24, 2014 /CNW/ - Geologic Resource Partners LLC ("Geologic") announced today that is has filed a revised early warning report dated January 24, 2014 (the "Revised Report") in respect of the common shares ("Shares") of Lithium Americas Corp. (TSX: LAC) ("LAC") held for its own account and on behalf of client accounts over which it has discretionary trading authority. The Revised Report corrects certain information presented in an early warning report dated January 20, 2014 (the "January 20 Report"). The January 20 Report neglected to take into account 1,100,000 Shares (the "Warrant Shares") issuable under certain warrants granted to Geologic in 2012 and 2013 in connection with a credit facility provided to LAC by Geologic and two other shareholders. Geologic was not required to file an early warning report at the time the warrants were granted. Assuming exercise of the warrants, the inclusion of the Warrant Shares increases Geologic's aggregate holdings to 16,438,100 (20.96%), up from 15,338,100 (19.8%) as reported in the January 20 Report. The adjusted percentage in the Revised Report is presented on a partially diluted basis reflecting the exercise of only the warrants granted to Geologic.
The January 20 Report describes a purchase by Geologic (for its own account and on behalf of client accounts over which it has discretionary trading authority) of 2,200,000 Shares (representing 2.85% of the issued and outstanding Shares) through the facilities of the Toronto Stock Exchange on November 20, 2013. The purchase was made in reliance on the normal course purchase exemption in section 100 of the Securities Act (Ontario). The purchase was at a price that did not exceed the market price for the Shares and the aggregate number of Shares acquired by Geologic over the 12 months prior to November 20, inclusive of the Shares purchased on that date, represented less than 5% of the outstanding Shares at the beginning of that 12 month period. Geologic has purchased these securities for investment purposes, and may increase or decrease its investment in the securities of LAC depending upon future market conditions.
Geologic also acknowledged today that the January 20 Report was required to have been filed on or before December 10, 2013.
Geologic confirmed that the error and the late filing were inadvertent. Geologic has conducted a review of its reporting systems and has bolstered its oversight procedures to ensure that a reporting error of this nature will not happen in the future and that all future reports will be filed in a timely fashion.
Geologic is an investment advisory firm specializing in precious metals, industrial metals, and energy minerals equities.
SOURCE Geologic Resource Partners LLC