Ann: Ceasing to be a substantial holder, page-6

IMO, LBC was going to exit at some point after the acquisition of CPC by PWN. It was just a matter of when and I guess their hand was forced by a dwindling bank balance to sell 69m shares. From PWN's top 20 in the Annual Report 2022, LBC had 25m and their subsidiary, Pan Andean Capital, had 142m so they still have 98m PWN shares (just under the 5% threshold which triggered the announcement) after this transaction.

I think the notice says more about the state of the capital markets in Canada and the ability of micro-capital players to raise funds than it does about PWN. LBC only has a market cap of $5m so it was either sell PWN or one of their other investments to keep the lights switched on, and their other investments appear to be far less liquid.