Serengeti Resources Inc. said today that Raven Hill Partners has purchased 3.3 million shares of the mining company on the open market representing a 7.1-per-cent ownership stake.
Raven Hill has indicated that the shares were acquired for investment purposes only and that they do not have plans to increase their holdings at this time.
Raven Hill Partners is a private Toronto based investment and merchant banking firm that is dedicated to acquiring, funding, building and advising early stage private and public companies, with a strong bias in the natural resources and technology sectors.
Vancouver-based Serengeti continues to work on a major exploration project in northwest B.C.
The Kwanika project - a new gold discovery in 2007 - allowed Serengeti to raise more than $25 million to carry out further drilling and exploration in north-central B.C.
The project is located north of Fort St. James, to the northwest of Prince George.
"We are pleased to have Raven Hill as a significant shareholder" said Serengeti president and CEO David Moore.
"Raven Hill has a strong presence in the capital markets in Toronto and this will be beneficial as we advance our Kwanika copper-gold project in B.C. and our Mexican gold-silver exploration portfolio," said Moore.
Serengeti recently announced the first estimates of its gold and copper resources at its Kwanika property. The company says the indicated resource at the property is 1.6 million ounces of gold and 1.1 billion pounds of copper. Indicated resources are used to describe estimates that have not been proven as actual reserves.
