KWG Resources shareholder Loeb to sell stake in company

2015-01-16 12:01 ET - News Release

Mr. Frank Smeenk reports

KWG SHAREHOLDER LOEB CAPITAL LIQUIDATING HOLDINGS

KWG Resources Inc. shareholder Loeb King Capital Management advised its clients in a letter dated Jan. 13, 2015, that "the funds will begin an orderly liquidation." According to a Bloomberg News report issued yesterday, Loeb King Capital Management, an investment firm with about $1-billion, is closing after principal Gideon King decided to manage his own money. Loeb Capital Management LLP previously advised KWG management that it held approximately 49 million of KWG's issued and outstanding shares and yesterday advised that eight million of those had been sold on the TSX Venture Exchange this week.

"We have appreciated the long-term support of Loeb King Capital and its principal Gideon King," said KWG president Frank Smeenk. "He has believed in our strategy and been with us in the trenches as we navigated the tortuous path to the creation of a new enterprise in Canada. The opportunity for our many smaller shareholders to acquire this equity interest now, at the prices Loeb is prepared to accept, is also welcomed by those of us who will continue. We wish Mr. King well."