Gullewa Limited Announces Filing of Early Warning Report Related to Acquisition of Ordinary Shares of Central Iron Ore Limited

Rhea-AI Summary

Gullewa has announced the filing of an early warning report regarding its acquisition of 2,437,000 ordinary shares of Central Iron Ore (CIORF) through its wholly-owned subsidiary Brooklyn Bay The acquisition was completed through the exercise of share purchase warrants.

Prior to the acquisition, Gullewa and Joint Actors owned 18,862,000 shares and 9,431,000 warrants, representing approximately 54.02% ownership (undiluted) and 63.80% (partially diluted). Following the transaction, their holdings increased to 21,299,000 shares and 6,994,000 warrants, representing approximately 57.02% ownership (undiluted) while maintaining 63.80% on a partially diluted basis.

Positive

• Increased ownership stake from 54.02% to 57.02% (undiluted basis) strengthening control position
• Successful exercise of 2,437,000 warrants demonstrating confidence in the company

Negative

• High ownership concentration may reduce stock liquidity for other shareholders
• Potential for future share sales as company states it may decrease holdings based on market conditions

Toronto, Ontario--(Newsfile Corp. - April 15, 2025) - Gullewa Limited announces that it has filed an early warning report (the "Report") in connection with the acquisition (the "Acquisition") of an aggregate of 2,437,000 ordinary shares (the "Shares") in the capital of Central Iron Ore Limited (the "Company"), through its wholly-owned subsidiary Brooklyn Bay Ltd ("Brooklyn Bay"), in connection with the exercise of 2,437,000 ordinary share purchase warrants (the "Warrants").

Prior to closing the Acquisition, Gullewa and the Joint Actors (as such term is defined in the Report), directly or indirectly, beneficially owned, or had control or direction over, an aggregate of 18,862,000 Shares and 9,431,000 Warrants, representing approximately 54.02% of the issued and outstanding Shares of the Company on an undiluted and approximately 63.80% on a partially diluted basis. Upon completion of the Acquisition, Gullewa and the Joint Actors directly or indirectly, beneficially owned, or had control or direction over, an aggregate of 21,299,000 Shares and 6,994,000 Warrants, representing approximately 57.02% of the issued and outstanding Shares on an undiluted basis and approximately 63.80% on a partially diluted basis.

Depending on market and other conditions, or as future circumstances may dictate, Gullewa and the Joint Actors may from time to time increase or decrease its holdings of Shares or other securities of the Company

For further details relating to the Acquisition, please see the Report, a copy of which is available on SEDAR+, or by contacting David Deitz at ddeitz@gullewa.com.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/248551

FAQ

How many shares did Gullewa acquire in Central Iron Ore (CIORF) in April 2025?

Gullewa acquired 2,437,000 ordinary shares of CIORF through warrant exercise in April 2025.

What is Gullewa 's current ownership percentage in CIORF after the April 2025 acquisition?

After the acquisition, Gullewa owns 57.02% of CIORF on an undiluted basis and 63.80% on a partially diluted basis.

How many warrants does Gullewa still hold in CIORF following the April 2025 transaction?

Following the transaction, Gullewa and Joint Actors hold 6,994,000 warrants in CIORF.

Through which subsidiary did Gullewa acquire the CIORF shares?

Gullewa acquired the shares through its wholly-owned subsidiary Brooklyn Bay