|By Marketwired .||
|July 25, 2014 03:41 PM EDT||
ST. MICHAEL, BARBADOS -- (Marketwired) -- 07/25/14 -- Bobby Genovese (the "Filer") wishes to restate the information previously provided in the early warning reports dated November 20, 2013, December 30, 2013, April 9, 2014, May 27, 2014 and May 30, 2014 and their corresponding press releases.
The Filer inadvertently overstated its reported ownership of common shares ("Common Shares") of Liberty Silver Corp. ("Liberty Silver") by 221,910 Common Shares in the early warning report dated November 20, 2013. Therefore, on November 20, 2013, the Filer had beneficial ownership of an aggregate of 8,387,953 Common Shares, which constituted approximately 9.99% of the Common Shares of Liberty Silver (as opposed to the 10.3% that was previously disclosed). The Filer inadvertently understated its reported ownership of Common Shares of Liberty Silver by 293,100 Common Shares in the early warning report dated December 30, 2013. Therefore, on December 30, 2013, the Filer had beneficial ownership of an aggregate of 10,698,953 Common Shares, which constituted approximately 12.74% of the Common Shares of Liberty Silver (as opposed to the 12.4% that was previously disclosed). .
As at July 25, 2014, the Filer has beneficial ownership of an aggregate of 29,968,953 Common Shares, which constitutes approximately 35.68% of the Common Shares of Liberty Silver.
As described in more detail in the early warning report related to this press release, BG Capital Group Ltd. entered into a loan agreement with Liberty Silver (the "Loan Agreement") which provides for a loan by BG Capital Group Ltd. of up to US$1,210,000 to Liberty Silver. The Loan Agreement provides, among other things, that the unpaid principal amount, together with accrued and unpaid interest may be converted into Common Shares at the sole option of Liberty Silver, and subject to the approval of the Toronto Stock Exchange, if Liberty Silver completes an arm's length equity financing of US$500,000 or more at a price of not less than US$0.50 per Common Share (subject to adjustments for consolidations, splits or similar events). If the full principal amount of the loan were to be advanced and converted in accordance with the terms of the Loan Agreement at the minimum conversion price, the Filer would hold an additional 2,420,000 Common Shares (the "Loan Shares"). The approximate number of Loan Shares (2,420,000) does not include the additional Common Shares that will be acquired by the Filer for the interest amount.
Currently, there is US$1,210,000 principal amount outstanding which, if converted in accordance with the terms of the Loan Agreement at the minimum conversion price, would result in the Filer obtaining 2,420,000 Loan Shares. Following which, the Filer would own 32,388,953 Common Shares, representing 37.05% of the Common Shares (comprised of the 29,968,953 Common Shares held by the Filer Entities and the 2,420,000 Loan Shares), based on Liberty Silver having 87,411,945 Common Shares issued and outstanding after the completion of the US$500,000 financing at US$0.50 per Common Share and the issuance of the Loan Shares.
The Common Shares referred to in this release are held by BG Capital Group Ltd., Lookback Investments Inc. and Outlook Investments Inc. (the "Filer Entities"), each of which is controlled by the Filer.
The securities are held by the Filer for investment purposes. The Filer intends to review its investment in Liberty Silver on a continuing basis. Depending on various factors including, without limitation, Liberty Silver's financial position and prospects, the price levels of the securities of Liberty Silver, conditions in the securities markets and general economic and industry conditions, the Filer's business or financial condition and other factors and conditions the Filer deems appropriate, the Filer may in the future take such actions with respect to its investment in Liberty Silver as the Filer deems appropriate including, without limitation, acquiring, selling or otherwise disposing of securities of Liberty Silver. In addition, the Filer may formulate other purposes, plans or proposals regarding Liberty Silver or any of its securities to the extent deemed advisable in light of general investment and trading policies, market conditions or other factors or may change its intention with respect to any and all matters referred to in this release.
The issuance and filing of this release is not an admission that any entity named in this release owns or controls any securities described in this release or is a joint actor with another named entity.
A copy of the early warning report to be filed by the Filer in connection with the information in this press release may be obtained from Stacey Vogel at (954) 762-2223 extension 3.
The address of the Filer is:
Suite 203 Lauriston House Lower Collymore Rock St. Michael, Barbados
(954) 762-2223 extension 3
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