Greenstone Provides Update on Holdings of Marimaca Copper Corp.

GUERNSEY, Channel Islands, Jan. 09, 2025 (GLOBE NEWSWIRE) — Greenstone Resources L.P. (“Greenstone”) announces that it, with its affiliates Greenstone Resources II LP and Greenstone Co-Investment No 1 (Coro) LP (together the “Greenstone Group”), is providing an update in respect of its holdings of equity securities of Marimaca Copper Corp. (“Marimaca”), comprising common shares of Marimaca (“Shares”), warrants to purchase Shares (“Warrants”), options for Shares (“Options”) and restricted share units, each exercisable for Shares (“RSUs”).

As set out in the Greenstone Group’s most recently filed early warning report dated March 16, 2021, the Greenstone Group previously had ownership of and control over 25,513,021 Shares, 4,724,667 Warrants and 623,810 Options. If the Greenstone Group exercised the 4,724,667 Warrants and 623,810 Options, the Greenstone Group would have held 30,861,498 Shares, representing approximately 29.01% of the total issued and outstanding Shares of Marimaca. This calculation is based on the assumption that there would have been 106,365,563 Shares of Marimaca outstanding (comprised of the 101,017,086 Shares outstanding as disclosed in Marimaca’s Management’s Discussion and Analysis dated November 13, 2024 and the 5,348,477 Shares that would have been issued upon the exercise of the Greenstone Group’s Warrants and Options).

On December 2, 2022 and December 3, 2022, the Greenstone Group’s previously reported 2,622,000 Warrants and 2,102,667 Warrants, respectively, expired pursuant to their terms.

During the course of 2021 through 2024, the Greenstone Group was granted 560,000 Options and 170,000 RSUs, 26,008 Options expired and 52,802 Options were exercised by the Greenstone Group pursuant to Marimaca’s Omnibus Incentive Plan. The most recent grant of RSUs to the Greenstone Group occurred on December 30, 2024.

Following the most recent grant of RSUs which occurred on December 30, 2024, the Greenstone Group had ownership of and control over 25,565,823 Shares, 1,105,000 Options, 170,000 RSUs and no warrants. If the Greenstone Group exercises the 1,105,000 Options and 170,000 RSUs, the Greenstone Group will hold, in aggregate, 26,840,823 Shares, representing approximately 26.24% of the total issued and outstanding Shares of Marimaca, equivalent to a reduction of 2.78% (or 4,020,675 Shares) since the prior early warning report filed by the Greenstone Group dated March 16,2021. The foregoing calculation is based on the assumption that there would be 102,292,086 Shares of Marimaca outstanding (comprised of the 101,017,086 Shares outstanding and the 1,275,000 Shares that would have been issued upon the exercise of the Greenstone Group’s Options and RSUs.

Depending on market conditions and other factors, the Greenstone Group may from time to time acquire and/or dispose of securities of Marimaca or continue to hold its current position. A copy of the early warning report required to be filed with the applicable securities commission in connection with the transactions will be available on SEDAR at www.sedar.com and can be obtained by contacting Gavin Hayman at GreenstoneGSY@aztecgroup.co.uk or at +44 1481 749 700. Greenstone’s address is set out below.

Greenstone Resources L.P.
PO Box 656
East Wing, Trafalgar Court, Les Banques
St Peter Port, Guernsey, GY1 3PP

Marimaca Copper Corp.
2200 – 885 West Georgia Street
Vancouver, British Columbia, V6C 3E8