John Schiavi directly and indirectly acquired an aggregate 10,594,135 common shares of Colibri Resource Corp. at a deemed price of 16.5 Canadian cents apiece for a value of C$1.7 million.

The acquired shares represent 29.19% of the company's issued and outstanding shares, according to an Aug. 9 statement.

Schiavi acquired the stake through Schiavi Family LLC, which bought the shares as a result of a return of capital dividend declared by ONTOP Capital Ltd. to its shareholders.

Colibri Resource recently completed the acquisition of Canadian Gold Resources Ltd. from ONTOP Capital.