Lloyd I. Miller, III Acquires Securities of Crocodile Gold Corp.

MONTREAL, Oct. 24, 2013 /CNW Telbec/ - Lloyd I. Miller, III, the manager of the limited liability company LIM FAM LLC ("LIMFAM"), acquired, on October 22, 2013, ownership of US$342,006.00 8% convertible unsecured debentures (the "Debentures") of Crocodile Gold Corp. ("Crocodile") due April 30, 2018 through LIMFAM. The Debentures were acquired through the facilities of the Toronto Stock Exchange and based on the Noon Bank of Canada exchange rate on October 22, 2013, equal CDN$356,438.65. The Debentures are convertible into common shares of Crocodile ("Common Shares") at the option of the holder at any time prior to the close of business on the earlier is (i) the business date immediately preceding April 30, 2018 and (ii) the business day immediately preceding the date specified by Crocodile for redemption of the Debentures, at a conversion price of CDN$0.25 per Common Share, being a conversion rate of 4,000 Common Shares per $1,000 principal amount of Debentures. Assuming conversion of the US$342,006.00 Debentures acquired on October 22, 2013, such Debentures represent approximately 0.123% of the issued and outstanding Common Shares of Crocodile (taking into consideration such conversion).

In addition, Mr. Miller has collective control of 13,059,000 Common Shares, representing approximately 3.21% of the current issued and outstanding Common Shares (indirectly through LIMFAM, which owns 121,500 Common Shares and which represents 0.03% of the current issued and outstanding Common Shares, and through Milfam II L.P. ("Milfam II"), an entity of which Mr. Miller is the manager of the general partner, which owns 12,937,500 Common Shares and which represents 3.18% of the current issued and outstanding Common Shares).

Mr. Miller, through personal holdings and through LIMFAM, Milfam II and Trust A-4 (an entity of which Mr. Miller is the investment advisor) owns and has collective control of $6,846,974.82 Debentures (which amount of Debentures includes the US$342,006.00 Debentures purchased on October 22, 2013). Mr. Miller, through a personal investment account owns US$990,101.76 Debentures which upon conversion, would represent 4,040,000 Common Shares, and which would represent 0.92% of the then outstanding Common Shares (on a fully diluted basis). Mr. Miller, through a personal retirement account owns US$227,946.35 Debentures which upon conversion, would represent 1,356,000 Common Shares, and which would represent 0.31% of the then outstanding Common Shares (on a fully diluted basis). Mr. Miller, through another personal retirement account owns US$472,755.25 Debentures which upon conversion, would represent 2,292,000 Common Shares, and which would represent 0.52% of the then outstanding Common Shares (on a fully diluted basis). LIMFAM owns US$1,084,618.17 Debentures which upon conversion, would represent 6,000,000 Common Shares, and which would represent 1.37% of the then outstanding Common Shares (on a fully diluted basis). Milfam II owns US$1,812,855.94 Debentures which upon conversion, would represent 8,000,000 Common Shares, and which would represent 1.82% of the then outstanding Common Shares (on a fully diluted basis). Trust A-4 owns US$2,258,697.35 Debentures which upon conversion, would represent 9,000,000 Common Shares, and which would represent 2.05% of the then outstanding Common Shares (on a fully diluted basis).

Lastly, Mr. Miller has shared control through Marli B. Miller Managed Account ("MMMA"), an entity of which Mr. Miller is an authorized person, of $US490,148.02 Debentures which upon conversion, would represent 2,000,000 Common Shares, and which would represent 0.45% of the then outstanding Common Shares (on a fully diluted basis).

Assuming the full conversion of the aggregate amount of US$7,337,122.84 Debentures (which represents an aggregate amount of 32,688,000 Common Shares), on a fully-diluted basis, Mr. Miller would beneficially own, directly and indirectly, 45,747,000 Common Shares representing approximately 10.42% of the then outstanding Common Shares.

The Debentures and Common Shares were acquired for investment purposes. Depending on the evolution of Crocodile's business, financial condition, the market for Crocodile securities, general economic conditions and other factors, Miller and his joint actors may acquire additional securities of Crocodile, or sell some or all of the securities they hold, in the open market, by private agreement or otherwise, subject to their availability at attractive prices, market conditions and other relevant factors.

SOURCE: Lloyd I. Miller, III