Dundee Corporation (TSX:DC.A) acquired 6,000,000 units of American Vanadium Corp. (TSXV:AVC) at a price of $0.50 per unit.
As quoted in the press release:
Each Unit consists of one common share (“Share”) in the capital of American Vanadium, one half of a warrant exercisable at $0.60 (“$0.60 Warrant”) and one half of a warrant exercisable at $0.80 (“$0.80 Warrant”). Each whole $0.60 Warrant entitles the holder thereof to purchase one Share at a price of $0.60 until March 30, 2014. Each whole $0.80 Warrant entitles the holder thereof to purchase one Share at a price of $0.80 until September 30, 2015.
When aggregated with existing positions in American Vanadium controlled by Dundee, Dundee now owns or controls 6,000,000 Shares and warrants exercisable for the purchase of 6,403,226 Shares representing an approximate 13.85% interest on an undiluted basis and 24.95% assuming the conversion of all Warrants.