LA MANCHA ANNOUNCES ACQUISITION OF ADDITIONAL SHARES OF SRG MINING INC.(TSX.V: SRG)
La Mancha Investments SARL, a wholly owned subsidiary of La Mancha Fund SCSp, has completed an acquisition of an additional five million common shares of SRG Mining Inc. at a price of 70 cents per share for aggregate gross proceeds of $3.5-million.
The Acquirer was the registered holder of 22,442,941 common shares of SRG immediately prior to acquiring the Shares, representing approximately 19.9% of the issued and outstanding common shares in the capital of SRG (on an undiluted basis). As a result of this acquisition, the Acquirer has increased its shareholding in SRG by 4.4% to 24.3% of the issued and outstanding common shares of SRG on an undiluted basis.
The Acquirer has acquired the Shares for investment purposes. In the future, the Acquirer may, from time to time, increase or decrease its investment in SRG through market transactions, private arrangements, treasury issuances or otherwise.
La Mancha Holdings is owned by Egyptian billionaire Naguib Sawiris, and is a $1.4 billion deep value fund based in Luxembourg focused on investments in the precious metals, battery metals and energy space. La Mancha Capital Advisory LLP ("La Mancha") advises the Fund on strategic investments made in publicly listed and private exploration, royalty and mining companies with a global outlook. The Fund is a long-term minded investor, with a mandate to support mining companies to achieve sustained growth by providing long-term equity capital as well as operational and board level expertise, to further portfolio company performance and expansion.
The vehicle, named La Mancha Fund SCSp, is open to new investors and will also invest in battery metals needed for electric vehicles, the Luxembourg-based private firm said.
The Sawiris family is an Egyptian Coptic Christian family that owns the Orascom conglomerate, spanning telecommunications, construction, tourism, industries and technology. In 2008, Forbes estimated the family's net worth at US$36 billion.
Onsi Sawiris (1930–2021) was the patriarch of the family. Various companies in the group are run by Onsi Sawiris' three sons:
- Naguib Sawiris (born in 1954)
- Samih Sawiris (born in 1957)
- Nassef Sawiris (born in 1961)
Onsi Sawiris founded Orascom in 1950 that has grown into a conglomerate of companies including Orascom Telecom Holding, and Orascom Technology Solutions (OTS), both run by Naguib Sawiris, Orascom Construction Industries (OCI) run by Nassef Sawiris, Orascom Hotels and Development (OHD) run by Samih Sawiris.