0001144204-16-078192.txt : 20160201 0001144204-16-078192.hdr.sgml : 20160201 20160201160744 ACCESSION NUMBER: 0001144204-16-078192 CONFORMED SUBMISSION TYPE: SC 13G/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20160201 DATE AS OF CHANGE: 20160201 GROUP MEMBERS: EQUINOX ASSET MANAGEMENT LLC GROUP MEMBERS: EQUINOX ILLIQUID FUND, LP GROUP MEMBERS: EQUINOX ILLIQUID GENERAL PARTNER, LP GROUP MEMBERS: EQUINOX PARTNERS, L.P. GROUP MEMBERS: MASON HILL PARTNERS, LP GROUP MEMBERS: SEAN M. FIELER SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: FORTUNA SILVER MINES INC CENTRAL INDEX KEY: 0001341335 STANDARD INDUSTRIAL CLASSIFICATION: GOLD & SILVER ORES [1040] IRS NUMBER: 000000000 STATE OF INCORPORATION: A1 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-84549 FILM NUMBER: 161377332 BUSINESS ADDRESS: STREET 1: 200 BURRARD ST STREET 2: SUITE 650 CITY: VANCOUVER STATE: A1 ZIP: V6C 3L6 BUSINESS PHONE: 604-484-4085 MAIL ADDRESS: STREET 1: 200 BURRARD ST STREET 2: SUITE 650 CITY: VANCOUVER STATE: A1 ZIP: V6C 3L6 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: MASON HILL ADVISORS LLC CENTRAL INDEX KEY: 0000938552 IRS NUMBER: 133360821 FILING VALUES: FORM TYPE: SC 13G/A BUSINESS ADDRESS: STREET 1: 623 FIFTH AVENUE STREET 2: 27TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 212-832-1290 MAIL ADDRESS: STREET 1: 623 FIFTH AVENUE STREET 2: 27TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 FORMER COMPANY: FORMER CONFORMED NAME: MASON HILL ASSET MANAGEMENT INCET AL DATE OF NAME CHANGE: 19950221 SC 13G/A 1 v430037_sc13ga.htm SC 13G/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13G

Under the Securities Exchange Act of 1934
(Amendment No. 4)*

FORTUNA SILVER MINES INC.

(Name of Issuer)

Common Shares, without par value

(Title of Class of Securities)

349915108

(CUSIP Number)

December 31, 2015

(Date of Event which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

¨ Rule 13d-1(b)

x Rule 13d-1(c)

¨ Rule 13d-1(d)

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of this Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

CUSIP No. 349915108

SCHEDULE 13G

Page 2 of 15

1.	NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) Mason Hill Advisors LLC
2.	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) ¨ (b) ¨
3.	SEC USE ONLY
4.	CITIZENSHIP OR PLACE OF ORGANIZATION Delaware

NUMBER OF

BENEFICIALLY

OWNED BY EACH

REPORTING

PERSON WITH

SOLE VOTING POWER

SHARED VOTING POWER

6,228,580

SOLE DISPOSITIVE POWER

SHARED DISPOSITIVE POWER

6,228,580

9.	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 6,228,580
10.	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) ¨
11.	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 4.83%¹
12.	TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) IA

¹ This calculation is based on 129,080,567 common shares, without par value, of Fortuna Silver Mines Inc. (the “Issuer”) outstanding as of November 10, 2014 as reported in the Issuer’s Management Discussion and Analysis for the period ended September 30, 2015, which was filed as Exhibit 99.2 to the Issuer’s Report of Foreign Private Issuer on Form 6-K with the Securities and Exchange Commission on November 20, 2015.

CUSIP No. 349915108

SCHEDULE 13G

Page 3 of 15

1.	NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) Equinox Asset Management LLC
2.	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) ¨ (b) ¨
3.	SEC USE ONLY
4.	CITIZENSHIP OR PLACE OF ORGANIZATION Delaware

NUMBER OF

BENEFICIALLY

OWNED BY EACH

REPORTING

PERSON WITH

SOLE VOTING POWER

SHARED VOTING POWER

6,017,130

SOLE DISPOSITIVE POWER

SHARED DISPOSITIVE POWER

6,017,130

9.	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 6,017,130
10.	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) ¨
11.	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 4.67%¹
12.	TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) HC, OO

¹See Footnote 1.

CUSIP No. 349915108

SCHEDULE 13G

Page 4 of 15

1.	NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) Equinox Partners, L.P.
2.	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) ¨ (b) ¨
3.	SEC USE ONLY
4.	CITIZENSHIP OR PLACE OF ORGANIZATION Delaware

NUMBER OF

BENEFICIALLY

OWNED BY EACH

REPORTING

PERSON WITH

SOLE VOTING POWER

SHARED VOTING POWER

5,248,661

SOLE DISPOSITIVE POWER

SHARED DISPOSITIVE POWER

5,248,661

9.	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 5,248,661
10.	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) ¨
11.	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 4.07%¹
12.	TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) PN

¹See Footnote 1.

CUSIP No. 349915108

SCHEDULE 13G

Page 5 of 15

1.	NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) Mason Hill Partners, LP
2.	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) ¨ (b) ¨
3.	SEC USE ONLY
4.	CITIZENSHIP OR PLACE OF ORGANIZATION Delaware

NUMBER OF

BENEFICIALLY

OWNED BY EACH

REPORTING

PERSON WITH

SOLE VOTING POWER

SHARED VOTING POWER

768,469

SOLE DISPOSITIVE POWER

SHARED DISPOSITIVE POWER

768,469

9.	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 768,469
10.	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) ¨
11.	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.60%¹
12.	TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) PN

¹See Footnote 1.

CUSIP No. 349915108

SCHEDULE 13G

Page 6 of 15

1.	NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) Equinox Illiquid General Partner, LP
2.	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) ¨ (b) ¨
3.	SEC USE ONLY
4.	CITIZENSHIP OR PLACE OF ORGANIZATION Delaware

NUMBER OF

BENEFICIALLY

OWNED BY EACH

REPORTING

PERSON WITH

SOLE VOTING POWER

SHARED VOTING POWER

211,450

SOLE DISPOSITIVE POWER

SHARED DISPOSITIVE POWER

211,450

9.	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 211,450
10.	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) ¨
11.	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.16%¹
12.	TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) PN

¹See Footnote 1.

CUSIP No. 349915108

SCHEDULE 13G

Page 7 of 15

1.	NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) Equinox Illiquid Fund, LP
2.	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) ¨ (b) ¨
3.	SEC USE ONLY
4.	CITIZENSHIP OR PLACE OF ORGANIZATION Delaware

NUMBER OF

BENEFICIALLY

OWNED BY EACH

REPORTING

PERSON WITH

SOLE VOTING POWER

SHARED VOTING POWER

211,450

SOLE DISPOSITIVE POWER

SHARED DISPOSITIVE POWER

211,450

9.	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 211,450
10.	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) ¨
11.	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.16%¹
12.	TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) PN

¹See Footnote 1.

CUSIP No. 349915108

SCHEDULE 13G

Page 8 of 15

1.	NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) Sean M. Fieler
2.	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) ¨ (b) ¨
3.	SEC USE ONLY
4.	CITIZENSHIP OR PLACE OF ORGANIZATION United States of America

NUMBER OF

BENEFICIALLY

OWNED BY EACH

REPORTING

PERSON WITH

SOLE VOTING POWER

SHARED VOTING POWER

6,228,580²

SOLE DISPOSITIVE POWER

SHARED DISPOSITIVE POWER

6,228,580

9.	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 6,295,210²
10.	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) ¨
11.	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 4.88%¹
12.	TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) IN

¹See Footnote 1.

²Includes 66,630 Common Shares beneficially owned by a certain charitable foundation of which Mr. Fieler is chairman of the board and has investment discretion over the Common Shares. (See Item 4)

CUSIP No. 349915108

SCHEDULE 13G

Page 9 of 15

Item 1.

(a) Name of Issuer

The issuer is Fortuna Silver Mines Inc., a company incorporated in British Columbia (the “Issuer”).

(b) Address of Issuer’s Principal Executive Offices:

355 Burrard Street, Suite 840, Vancouver, British Columbia, Canada V6C 2G8.

Item 2.

(a) Name of Persons Filing

The persons filing this Amendment No. 4 to Schedule 13G (“Amendment No. 4”) are Mason Hill Advisors LLC, a Delaware limited liability company (“Mason Hill”), Equinox Asset Management LLC, a Delaware limited liability company (“EAM”), Equinox Partners, L.P., a Delaware limited partnership (“Equinox Partners”), Mason Hill Partners, LP, a Delaware Limited Partnership (“Mason Hill Partners”), Equinox Illiquid General Partner, LP, a Delaware limited partnership (“Illiquid GP”), Equinox Illiquid Fund, LP, a Delaware limited partnership (“Illiquid”), and Sean M. Fieler (together with Mason Hill, EAM, Equinox Partners, Mason Hill Partners and Illiquid GP, the “Reporting Persons”).

Mason Hill’s principal business is serving as an investment adviser to certain affiliated funds, including Equinox Partners, Mason Hill Partners and Illiquid.

EAM’s principal business is serving as the sole general partner of each of Equinox Partners and Mason Hill Partners.

Illiquid GP’s principal business is serving as the sole general partner of Illiquid.

Each of Equinox Partners, Mason Hill Partners and Illiquid is a private investment fund.

Mr. Fieler owns a controlling interest in Mason Hill and is the managing member of each of Mason Hill and EAM.

The Reporting Persons have entered into a Joint Filing Agreement, a copy of which was attached as Exhibit 99.1 to the Schedule 13G filed by the Reporting Persons on April 3, 2012, pursuant to which the Reporting Persons have agreed to file the statement and any amendments thereto jointly in accordance with the provisions of Rule 13d-1(k)(1) promulgated under the Securities Exchange Act of 1934, as amended.

(b) Address of Principal Business Office or, if none, Residence

The address of the principal business office of each of the Reporting Persons is 623 Fifth Avenue, 27th Floor, New York, New York 10022.

(c) Citizenship

CUSIP No. 349915108

SCHEDULE 13G

Page 10 of 15

Mr. Fieler is a United States citizen. Each of the other Reporting Persons is organized under the laws of the State of Delaware.

(d) Title of Class of Securities

Common shares, without par value (“Common Shares”).

(e) CUSIP Number

349915108

Item 3.

If this Statement is Filed Pursuant to Rule 13d-1(b), or 13d-2(b) or (c), Check Whether the Person Filing is a:

(a)

Broker or dealer registered under Section 15 of the Exchange Act;

(b)

Bank as defined in Section 3(a)(6) of the Exchange Act;

(c)

Insurance company as defined in Section 3(a)(19) of the Exchange Act;

(d)

Investment company registered under Section 8 of the Investment Company Act;

(e)

An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E);

(f)

An employee benefit plan or endowment fund in accordance with Rule 13d-1(b)(1)(ii)(F);

(g)

A parent holding company or control person in accordance with Rule 13d-1(b)(1)(ii)(G);

(h)

A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act;

(i)

A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act;

(j)

Group, in accordance with Rule 13d-1(b)(1)(ii)(J).

CUSIP No. 349915108

SCHEDULE 13G

Page 11 of 15

Item 4.

Ownership.

Each of Mr. Fieler, Mason Hill and EAM may be deemed to beneficially own (as that term is defined in Rule 13d-3 under the Act) the Common Shares which each of Equinox Partners and Mason Hill Partners directly beneficially owns. Each of Mr. Fieler, Mason Hill and EAM disclaims beneficial ownership of such Common Shares for all other purposes. Each of Mr. Fieler, Mason Hill and Illiquid GP may be deemed to beneficially own (as that term is defined in Rule 13d-3 under the Act) the Common Shares which Illiquid directly beneficially owns. Each of Mr. Fieler, Mason Hill and Illiquid GP disclaims beneficial ownership of such Common Shares for all other purposes. Mr. Fieler may be deemed to indirectly beneficially own 66,630 Common Shares reported in this Amendment No. 4, which a certain charitable foundation directly beneficially owns of which Mr. Fieler is chairman of the board and has investment discretion over the Common Shares and Mr. Fieler disclaims beneficial ownership of the 66,630 Common Shares for all other purposes. The charitable foundation is a corporation exempt from taxes under 501(c)(3) of the Internal Revenue Code. As a result, none of the board members of the foundation has a pecuniary interest in the shares held by the foundation.

A. Mason Hill Advisors LLC

(a) Amount beneficially owned

As of December 31, 2015, Mason Hill may be deemed to beneficially own 6,288,580 Common Shares.

(b) Percent of class

The number of Common Shares that Mason Hill may be deemed to beneficially own is 4.83% of the Common Stock outstanding.

(c) Number of shares as to which the person has

(i) Sole power to vote or to direct the vote: 0

(ii) Shared power to vote or to direct the vote: 6,288,580

(iii) Sole power to dispose or to direct the disposition of: 0

(iv) Shared power to dispose or to direct the disposition of: 6,288,580

B. Equinox Asset Management LLC

(a) Amount beneficially owned

As of December 31, 2015, EAM may be deemed to beneficially own 6,017,130 Common Shares.

(b) Percent of class

The number of Common Shares that EAM may be deemed to beneficially own is 4.67% of the Common Stock outstanding.

(c) Number of shares as to which the person has

(i) Sole power to vote or to direct the vote: 0

(ii) Shared power to vote or to direct the vote: 6,017,130

CUSIP No. 349915108

SCHEDULE 13G

Page 12 of 15

(iii) Sole power to dispose or to direct the disposition of: 0

(iv) Shared power to dispose or to direct the disposition of: 6,017,130

C. Equinox Partners, L.P.

(a) Amount beneficially owned

As of December 31, 2015, Equinox Partners may be deemed to beneficially own 5,248,661 Common Shares.

(b) Percent of class

The number of Common Shares that Equinox Partners may be deemed to beneficially own is 4.07% of the Common Stock outstanding.

(c) Number of shares as to which the person has

(i) Sole power to vote or to direct the vote: 0

(ii) Shared power to vote or to direct the vote: 5,248,661

(iii) Sole power to dispose or to direct the disposition of: 0

(iv) Shared power to dispose or to direct the disposition of: 5,248,661

D. Mason Hill Partners, LP

(a) Amount beneficially owned

As of December 31, 2015, Mason Hill Partners may be deemed to beneficially own 768,469 Common Shares.

(b) Percent of class

The number of Common Shares that Mason Hill Partners may be deemed to beneficially own is 0.60% of the Common Stock outstanding.

(c) Number of shares as to which the person has

(i) Sole power to vote or to direct the vote: 0

(ii) Shared power to vote or to direct the vote: 768,469

(iii) Sole power to dispose or to direct the disposition of: 0

(iv) Shared power to dispose or to direct the disposition of: 768,469

E. Equinox Illiquid General Partner, LP

(a) Amount beneficially owned

CUSIP No. 349915108

SCHEDULE 13G

Page 13 of 15

As of December 31, 2015, Illiquid GP may be deemed to beneficially own 211,450 Common Shares.

(b) Percent of class

The number of Common Shares that Illiquid GP may be deemed to beneficially own is 0.16% of the Common Stock outstanding.

(c) Number of shares as to which the person has

(i) Sole power to vote or to direct the vote: 0

(ii) Shared power to vote or to direct the vote: 211,450

(iii) Sole power to dispose or to direct the disposition of: 0

(iv) Shared power to dispose or to direct the disposition of: 211,450

F. Equinox Illiquid Fund, LP

(a) Amount beneficially owned

As of December 31, 2015, Illiquid may be deemed to beneficially own 211,450 Common Shares.

(b) Percent of class

The number of Common Shares that Illiquid may be deemed to beneficially own is 0.16% of the Common Stock outstanding.

(c) Number of shares as to which the person has

(i) Sole power to vote or to direct the vote: 0

(ii) Shared power to vote or to direct the vote: 211,450

(iii) Sole power to dispose or to direct the disposition of: 0

(iv) Shared power to dispose or to direct the disposition of: 211,450

G. Sean M. Fieler

(a) Amount beneficially owned

As of December 31, 2015, Mr. Fieler may be deemed to beneficially own 6,228,580 Common Shares.

(b) Percent of class

CUSIP No. 349915108

SCHEDULE 13G

Page 14 of 15

The number of Common Shares that Mr. Fieler may be deemed to beneficially own is 5.91% of the Common Stock outstanding.

(c) Number of shares as to which the person has

(i) Sole power to vote or to direct the vote: 0

(ii) Shared power to vote or to direct the vote: 6,228,580*

(iii) Sole power to dispose or to direct the disposition of: 0

(iv) Shared power to dispose or to direct the disposition of: 6,228,580*

*Includes 66,630 Common Shares beneficially owned by a certain charitable foundation of which Mr. Fieler is chairman of the board and has investment discretion over the Common Shares.

Item 5.

Ownership of Five Percent or Less of a Class.

If this statement is being filed to report the fact that as of the date hereof, the Reporting Persons have ceased to be the beneficial owner of more than five percent of the class of securities, check the following x.

Item 6.

Ownership of More than Five Percent on Behalf of Another Person.

Not applicable.

Item 7.

Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person

Not applicable.

Item 8.

Identification and Classification of Members of the Group.

Not applicable.

Item 9.

Notice of Dissolution of Group.

Not applicable.

Item 10.

Certification.

Each of the Reporting Persons hereby makes the following certification:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the

CUSIP No. 349915108

SCHEDULE 13G

Page 15 of 15

securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Date: February 1, 2016

MASON HILL ADVISORS LLC

By: /s/ Sean M. Fieler

Name: Sean M. Fieler
Title: Manager

EQUINOX ASSET MANAGEMENT LLC

By: /s/ Sean M. Fieler

Name: Sean M. Fieler
Title: Manager

EQUINOX PARTNERS, L.P.

By: Equinox Asset Management LLC, its general partner

By: /s/ Sean M. Fieler

Name: Sean M. Fieler
Title: Manager

MASON HILLS PARTNERS, LP

By: Equinox Asset Management LLC, its general partner

By: /s/ Sean M. Fieler

Name: Sean M. Fieler
Title: Manager

EQUINOX ILLIQUID GENERAL PARTNER, LP

By: /s/ Sean M. Fieler

Name: Sean M. Fieler
Title: Authorized Signatory

EQUINOX ILLIQUID FUND, LP

By: Equinox Illiquid General Partner, LP, its general partner

By: /s/ Sean M. Fieler

Name: Sean M. Fieler
Title: Authorized Signatory

SEAN M. FIELER

By: /s/ Sean M. Fieler