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Thomsons File Early Warning Report

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Cerro Grande Mining Corporation
Cerro Grande Mining Corporation

TORONTO, June 01, 2022 (GLOBE NEWSWIRE) -- This news release is in furtherance of Cerro Grande Mining Corporation’s (the “Company”) news release dated June 1, 2022 that announced that Minera Tamidak Limitada (“Tamidak”), Via Roja 8924, Vitacura, Santiago RM Chile 7660010 had acquired 39,833,923 treasury common shares (the “Issuance”) of the Company (a “Common Share”) as a result of receiving payment in Common Shares of the second installment in the amount of $1,300,000,000 Chilean Pesos (CDN$1,991,696.16) of the total purchase price payable ($3,900,000,000 Chilean Pesos) under the Asset Purchase and Contracts Assignment Agreement dated December 1, 2020 entered into between Tamidak and Minera Til Til SpA (“Til Til”), a wholly-owned subsidiary of the Company (the “APA”). Pursuant to the APA, Til Til acquired from Tamidak the mining concessions and other assets covering the Pimentón Copper Gold Mining Project.

Ian and Matthew Thomson, who jointly own Tamidak (together with the estate of their late father, David Thomson), announce that, for purposes of applicable Canadian securities laws, they have now acquired ownership of an aggregate of 39,833,923 Common Shares. Each of Ian and Matthew Thomson has acquired beneficial ownership and control and direction of the Common Shares.

The name and address of the Company is: Cerro Grande Mining Corporation, 1 King Street West, Suite 4009, Toronto, Ontario, Canada, M5H 1A1.

Immediately prior to the completion of the Issuance, David, Ian and Matthew Thomson had beneficial ownership of, or exercised control or direction over, 47,803,595 and 47,803,595 Common Shares, respectively, representing approximately 12.1% and 12.1%, respectively, of the 396,429,993 Common Shares then issued and outstanding, calculated on a non-diluted basis.

In addition, immediately prior to the completion of the Issuance, Ian and Matthew Thomson jointly had beneficial ownership of, or exercised control or direction over, an additional 125,862,796 Common Shares (inclusive of 44,055,102 Common Shares held through Tamidak issued on December 1, 2020), representing 27.9%, in the aggregate, of the 396,429,993 Common Shares then issued and outstanding, calculated on a partially diluted basis, assuming the conversion in full of the principal amount of a Debenture made as of February 20, 2020 issued to Minera Auromin Ltd., a company jointly controlled by Ian and Matthew Thomson (and the estate of their late father, David Thomson) (the “Debenture”).

Immediately after giving effect to the Issuance, Ian and Matthew Thomson, jointly through Tamidak, beneficially own or exercise control or direction over an additional 39,833,923 Common Shares, representing approximately 9.1%, in the aggregate, of the 436,263,916 Common Shares currently issued and outstanding.

This represents an increase of approximately 2.8%, in the number of Common Shares over which each of Ian and Matthew have beneficial ownership, or control or direction, as compared to each of their holdings immediately prior to the Issuance, calculated on a partially diluted basis, assuming exercise in full of the principal amount of the Debenture and approximately 7.0% calculated on a non-diluted basis.

Accordingly, as a result of the Issuance, Ian and Matthew Thomson, directly and indirectly, in the aggregate, beneficially own or exercise control or direction over 179,496,125 Common Shares, representing approximately 41.1%, in the aggregate, of the 436,263,916 Common Shares currently issued and outstanding, calculated on a non-diluted basis or approximately 50.4%, in the aggregate, of the 436,263,916 Common Shares currently issued and outstanding, calculated on a partially diluted basis, assuming exercise in full of the principal amount of the Debenture.

Tamidak acquired the Common Shares in connection with the transactions contemplated by the APA. Tamidak intends to hold the Common Shares for investment purposes and may, in the future, increase or decrease its ownership of securities of the Company, directly or indirectly, from time to time depending upon the business and prospects of the Company and future market conditions.

An early warning report (the “EWR”) is being filed on SEDAR and will be available for review at www.sedar.com under the Company’s profile. A copy of the EWR can be obtained from the contact below.

For more information, please contact:

James Mac Auliffe
Tel: +56 2 256 96228