Can Rio be buying in the open market ? Strategic Investment by Rio Tinto Canada
On May 31, 2021, Rio Tinto Canada Inc. (“Rio Tinto”) purchased 11,808,490 common shares of the Company at a price of $2.17 per common for gross proceeds of $25,624,423. The strategic investment results in Rio Tinto owning approximately 8% of the Company.
In connection with the strategic investment by Rio Tinto, the Company and Rio Tinto entered into an investor rights agreement, whereby, Rio Tinto will have certain rights, including the right to appoint:
one member to a Casino Project Technical Committee until the earlier of: (a) Rio’s ownership falling below 5.0%; and (b) November 28, 2022.
one non-voting observer to attend all meetings of the board of directors of the Company until the earlier of (a) Rio’s ownership falling below 5.0%; and (b) November 28, 2022.
one director of the Company, if Rio Tinto’s ownership increases to at least 12.5% before November 28, 2022.
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Does this mean, Rio can buy "in the open market" up to 12.5 % of WRN,,, before Nov 29,2022 ?
I know they must report when they hit 10% ownership !
M2