VANCOUVER, British Columbia, Nov. 23, 2017 (GLOBE NEWSWIRE) — Camrova Resources Inc. (“Camrova” or the “Company”) (TSX-V:CAV) (OTC:BAJFF) announces that its ownership in Minera y Metalurgica del Boleo S.A. P.I de C.V (“MMB”) is being diluted pursuant to the New Shareholders’ Agreement described in the Company’s News Release #2 / 2017 dated 2017-01-26.
As at June 30, 2017 MMB had issued cash calls amounting to $429.0 million. These cash calls were funded by way of shareholders loans. The Company did not contribute any amount to these cash calls and Korea Resource Corporation (“KORES”) funded the Company’s pro rata portion (10% or $42.9 million). In accordance with the New Shareholders’ Agreement, KORES now has elected to convert the entire amount it contributed on behalf of the Company to equity in MMB thereby reducing the Company’s interest in MMB from 10% to 7.3%.