North Vancouver, British Columbia--(Newsfile Corp. - May 3, 2024) - On April 25, 2024, Elliot Strashin purchased 5,000,000 private placement units of the Company at $0.02 per unit through Strashin Developments Limited, a wholly owned corporation. Each unit consisted of one common share and one share purchase warrant. Each warrant entitled the holder to purchase an additional common share at $0.05 for two years.
This transaction triggered a regulatory requirement to file an Early Warning Report and a news release in accordance with National Instrument 62-103 "The Early Warning System and Related Take Over Bids and Insider Reporting Issues".
Immediately prior to the transaction, Mr. Strashin had beneficial ownership and control of 18,850,000 common shares of the Company, representing approximately 12.34% of the issued and outstanding common shares on a non-diluted basis. In addition, Mr. Strashin held or controlled 520,000 share purchase warrants to purchase 520,000 common shares. Assuming the exercise of these share purchase warrants, Mr. Strashin would hold 19,370,000 common shares of the Company or approximately 12.64% of the issued and outstanding common shares.
Immediately after the transaction, Mr. Strashin had beneficial ownership and control of 23,850,000 common shares of the Company, representing approximately 14.66% of the issued and outstanding common shares on a non-diluted basis. In addition, Mr. Strashin held or controlled 5,520,000 share purchase warrants to purchase 5,520,000 common shares. Assuming the exercise of these share purchase warrants, Mr. Strashin would hold 29,370,000 common shares of the Company or approximately 17.46% of the issued and outstanding common shares.
All securities of the Company owned or controlled by Mr. Strashin are held for investment purposes. He intends to review, on a continuous basis, various factors related to his investment, including but not limited to the price of the securities, developments affecting the Company or its business, and the general market and economic conditions. Based upon these and other factors, Mr. Strashin may decide to purchase or sell securities of the Company. A copy of the Early Warning Report is available under the Company's profile on SEDAR+ at www.sedarplus.ca.
For further information please contact J. Paul Stevenson, CEO (604) 682-2933.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No regulatory authority has approved or disapproved the information contained in this news release.
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statement of historical facts that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects re forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, statements are not guarantees of future performance and actual results or developments may differ materially from the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/207908
SOURCE: Elliot Strashin
