Lions Bay Capital Inc. Provides Corporate Update
Vancouver, British Columbia--(Newsfile Corp. - February 26, 2021) - Lions Bay Capital Inc. (TSXV: LBI) ("Lions Bay" or the "Company") announces that the Company has reduced its shareholding in Australian listed water company Parkway Minerals NL ("Parkway") (ASX - PWN) by 58 million shares to 165 million shares or 7.5 per cent of the issued capital. The sale realized CAD $1.43 million in net proceeds. At the same time the Company increased its shareholding in Elementos Limited ("Elementos") (ASX - ELT) with the purchase of 15 million shares for consideration of CAD $216,000. The Company now owns 167.9 million shares in Elementos or 5.1 per cent of the outstanding capital. In addition, the Company has repaid the USD $200,000 principal on the secured loan facility from RiverFort Global Opportunities PCC Limited ("RiverFort"), making the Company debt free.
The executive chairman, Mr. John Byrne, commented: "Lions Bay continues to hold significant equity positions in five public companies. All of our investments are performing well and adjustments to the holdings will be made as part of the normal course of business. We retain a significant interest in Parkway and have full confidence in the management team delivering spectacular results as they implement their business plans. Lions Bay was an original seed investor in the Parkway business and we have reduced our holding to fund similar opportunities. While we have paid off our secured debt to RiverFort, we expect to continue to partner with them from time to time to fund opportunities."
About Lions Bay Capital Inc.
Lions Bay Capital Inc. is a TSX-V listed Investment Issuer that is focused on high return investment opportunities, principally in the mining, clean energy and clean technology sectors, where it provides public and private companies with strategic and financial support.
On behalf of the Board of Lions Bay.
Tel: +61 3 9236 2800
For more information, please visit the corporate website at www.lionsbaycapital.com or contact the above.
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