On April 16, 2025, Colombia-based Negocios y Representaciones S.A.S. announced the sale of 28,424,408 common shares of Mineros S.A., a gold mining company dual-listed on the Toronto Stock Exchange (TSX: MSA) and the Colombia Stock Exchange (CB: MINEROS). The shares were sold via an improved public tender offer launched by Sun Valley Investments AG at COP 5,500 per share—equivalent to approximately CDN$1.91 as of March 25, 2025—for a total transaction value of approximately CDN$54,300,000. Representing 9.5% of Mineros’ issued and outstanding shares, the sale reduced Negocios y Representaciones’ stake from 12.58% to below 10%.

The transaction is materially tied to Canada, involving a TSX-listed company and governed by Canadian securities law, particularly National Instrument 62-103 – The Early Warning System and Related Take-Over Bids and Insider Reporting Issues. The deal was also publicly disclosed in Toronto, further highlighting its Canadian relevance.

Legal counsel for Negocios y Representaciones was provided by Philippi Prietocarrizosa Ferrero DU & Uría in Colombia and Osler, Hoskin & Harcourt LLP in Canada. Sun Valley Investments AG was represented by Dentons Cardenas & Cardenas Abogados S.A.S. and Dentons Canada LLP. Valores Bancolombia S.A. Comisionista de Bolsa acted as the agent.

Originally acquired for investment purposes, the shares were tendered in response to Sun Valley’s enhanced offer, following a competing bid (OPAC) announced by Negocios y Representaciones on February 28, 2025. The deal closed on or before April 16, 2025.