|By Marketwired .||
|July 23, 2014 03:19 PM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 07/23/14 -- The Tocqueville Gold Fund (the "Fund") announces that on March 16, 2011, the Fund acquired beneficial ownership of 5,272,120 common shares ("Common Shares") of Scorpio Mining Corporation (the "Issuer") on the open market through the facilities of the Toronto Stock Exchange at a price of $0.99 per Common Share. This acquisition represented 2.79% of the issued and outstanding Common Shares as at March 16, 2011. Immediately after the completion of the transaction on March 16, 2011, the Fund beneficially owned 21,971,662 Common Shares, representing 11.63% of the issued and outstanding Common Shares as at March 16, 2011.
The Fund is a non-diversified open-end management investment company registered under the United States Investment Company Act of 1940, as amended. The Fund is a series of The Tocqueville Trust which is organized as a Massachusetts business trust. Tocqueville Asset Management, L.P. (the "Investment Advisor") acts as the investment advisor of the Fund and has authority to exercise control or direction over the Common Shares that are beneficially owned by the Fund.
The Investment Advisor, on behalf of the Fund, made several acquisitions and dispositions of Common Shares on the open market through the facilities of the Toronto Stock Exchange after the completion of the transaction on March 16, 2011 which gave rise to the reporting obligation. After giving effect to all acquisitions and dispositions of Common Shares up to July 22, 2014, the Fund now beneficially owns 26,190,819 Common Shares, representing 13.19% of the issued and outstanding Common Shares as at July 22, 2014.
The Common Shares beneficially acquired by the Fund are held for investment purposes. These investments will be reviewed on a continuing basis by the Investment Advisor and such holdings may be increased or decreased in the future. The Investment Advisor, on behalf of the Fund, may in the future acquire or dispose of the Common Shares through the open market, privately or otherwise, as circumstances or market conditions warrant.
The Fund has filed an early warning report pursuant to National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues describing the above transactions with applicable securities regulatory authorities, a copy of which shall be sent promptly to anyone who requests it from the representative of the Investment Advisor noted below. However, the Fund did not issue a press release or file an early warning report as required by applicable Canadian securities legislation in respect of the acquisition of the 5,272,120 Common Shares on March 16, 2011. The Fund has reported this to applicable securities regulatory authorities.
Tocqueville Asset Management, L.P.
40 West 57th Street, 19th Floor
New York, New York 10019 U.S.A.
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