Interesting to see ABCFunds scoop up 44 million shares. They now own 13.54% of INA's outstanding stock on behalf of their clients. For those who are not familiar with ABCFunds they are value investors who appear to know their business, read more here:
https://www.abcfunds.com/en/ These guys are deep value players looking for undiscovered treasure, so they're long holders, bodes well for the stock imho. Now if I could only get a few more under .50c that would be very nice.
COOP
EARLY WARNING REPORT UNDER
THE ALTERNATIVE MONTHLY REPORTING SYSTEM
OF NATIONAL INSTRUMENT 62-103
1. Name and address of the eligible institutional investor:
I. A. Michael Investment Counsel Ltd.
8 King Street East, Suite 700
Toronto, Ontario
M5C 1B5
2. Name of reporting issuer:
Iona Energy Inc.
3. Period for which the report is filed:
Period ended April 30, 2012.
4. Net increase or decrease in the number of principal amount of securities, and in the eligible institutional investor’s security holding percentage in the class of securities, since the last report filed by the eligible institutional investor under the early warning requirements:
The eligible institutional investor purchased, for accounts managed by it, 44,000,000 common shares (“Iona Common Shares”) in the capital of Iona Energy Inc. (the“Issuer”). As a result, 44, 000,000 Iona Common Shares are held by the eligible institutional investor, representing approximately 13.54% of the outstanding Iona Common Shares (based on the last published outstanding Common Share information).
5. Designation and number or principal amount of securities and the eligible institutional investor’s security holding percentage in the class of securities at the end of the month for which the report is made:
The eligible institutional investor owns 44,000,000 Common Shares. As of April 30, 2012, the aggregate security holding percentage of the 324,860,567 outstanding Iona Common Shares represented by the holdings of the eligible institutional investor was approximately 13.54% (based on the last published outstanding Iona Common Share information).
McCarthy Tétrault LLP DOCS #11420808 v. 1?
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7. Designation and number or principal amount of securities and the percentage of outstanding securities of the class of securities referred to above over which:
(i) the eligible institutional investor, either alone or together with any joint actors, have ownership or control:
44,000,000 Iona Common Shares, representing approximately 13.54% of the outstanding Iona Common Shares (based on the last published outstanding Iona Common Share information).
(ii) the eligible institutional investor, either alone or together with any joint actors, have ownership but control is held by other entities other than the eligible institutional investor or any joint actor:
N/A
(iii) the eligible institutional investor, either alone or together with any joint actors, have exclusive or shared control but does not have ownership: N/A
8. Purpose of the eligible institutional investor and any joint actors is acquiring or disposing of ownership of, or control over, the securities, including any future intention to acquire ownership of, control over, additional securities of the reporting issuer:
The securities of the Issuer were acquired in the ordinary course of investing activities.
9. General nature and the material terms of any agreement, other than lending arrangements, with respect to securities of the reporting issuer entered into by the eligible institutional investor, or any joint actor, and the issuer of the securities or any other entity in connection with any transaction or occurrence resulting in the change in ownership or control giving rise to the report including agreements with respect to the acquisition, holding, disposition or voting of any of the securities:
N/A
10. Names of any joint actors in connection with the disclosure required by Appendix G of National Instrument 62-103:
N/A
11. If applicable, a description of any change in any material fact set out in a previous report by the eligible institutional investor under the early warning requirements:
N/A
McCarthy Tétrault LLP DOCS #11420808 v. 1?
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12. Eligibility to file reports under the alternative monthly reporting system:
This report is issued, and I.A. Michael Investment Counsel Ltd. is eligible to file, pursuant to the alternative monthly report system described in National Instrument 62-103 with respect to Early Warning Reporting.
13. Declaration:
The filing of this report is not an admission that any entity named in this report owns or controls any securities or is a joint actor with another named entity.
Dated this 1st day of May, 2012.
I.A. Michael Investment Counsel Ltd.
“Irwin A. Michael”
Name: Irwin A. Michael
Title: President
McCarthy Tétrault LLP DOCS #11420808 v. 1?