GUERNSEY, Channel Islands, March 15, 2021 (GLOBE NEWSWIRE) -- Greenstone Resources L.P. (“Greenstone”) announces that it, with its affiliates Greenstone Resources II LP and Greenstone Co-Investment No 1 (Coro) LP (together the “Greenstone Group”) have exercised existing pre-emptive rights and acquired 4,205,333 units (the “Units”) consisting of one common share (the “Shares”) of Marimaca Copper Corp. (“Marimaca”) and one half of one common share purchase warrant (the “Warrants”) at a price of $3.30 per Unit on March 11, 2021. In addition, the Greenstone Group acquired 5,244,000 Units of Marimaca pursuant to a prospectus offering by Marimaca at a price of $3.15 per Unit on December 2, 2020 (the “December Offering”).

Prior to the December Offering, the Greenstone Group had ownership of and control over 16,037,680 Shares and 649,818 share purchase options (the “Options”). If the Greenstone Group had exercised the 649,818 Options, the Greenstone Group would have held 16,687,498 Shares, representing approximately 25.64% of the total issued and outstanding Shares of Marimaca. This calculation is based on the assumption that there would have been 65,090,890 Shares of Marimaca outstanding (comprised of the 64,441,072 Shares outstanding as disclosed in Marimaca’s final short form prospectus dated November 30, 2020 and the 649,818 Shares that would have been issued upon the exercise of Greenstone Group’s Options).

Following the December Offering, the Greenstone Group had ownership of and control over 21,281,680 Shares, 2,622,000 Warrants and 649,818 Options. If the Greenstone Group had exercised the 2,622,000 Warrants and 649,818 Options, the Greenstone Group would have held 24,553,498 Shares, representing approximately 31.92% of the total issued and outstanding Shares of Marimaca. This calculation is based on the assumption that there would have been 76,912,890 Shares of Marimaca outstanding (comprised of the 73,641,072 Shares outstanding and the 3,271,818 Shares that would have been issued upon the exercise of Greenstone Group’s Warrants and Options).

Following the March Offering, the Greenstone Group has ownership of and control over 25,513,021 Shares, 4,724,667 Warrants and 623,810 Options. If the Greenstone Group exercises the 4,724,667 Warrants and 623,810 Options, the Greenstone Group will hold 30,861,498 Shares, representing approximately 33.3% of the total issued and outstanding Shares of Marimaca. This calculation is based on the assumption that there would be 92,753,700 Shares of Marimaca outstanding (comprised of the 87,405,223 Shares outstanding and the 5,348,477 Shares that would have been issued upon the exercise of Greenstone Group’s Warrants and Options).

Depending on market conditions and other factors, the Greenstone Group may from time to time acquire and/or dispose of securities of Marimaca or continue to hold its current position. A copy of the early warning report required to be filed with the applicable securities commission in connection with the transactions will be available on SEDAR at www.sedar.com and can be obtained by contacting Matt Hornton at +44 1481 749 700. Greenstone’s address is set out below.