Mr. Harry Barr reports
METALQUEST MINING ANNOUNCES THE FILING OF AN EARLY WARNING REPORT
Metalquest Mining Inc.
chairman and chief executive officer Harry Barr has filed an early warning report.
Between Feb. 3, 2023, and Sep. 29, 2023, Mr. Barr acquired an aggregate 298,586 common shares of the issuer at an average price of 10.4 cents per share.
Since the last report filed, Mr. Barr was also granted 350,000 stock options which entitle him to acquire an additional 350,000 common shares until May 12, 2028, at an exercise price of 15 cents per share. These stock options are vested quarterly over a period of one year from the date of grant. These transactions have increased his postconversion share ownership by 2 per cent.
Prior to Mr. Barr's transactions, he was deemed to have control over 7,820,852 common shares, directly and indirectly, of which 1,734,240 are held by New Age Metals Inc., and 60,000 stock options entitling Mr. Barr to purchase an additional 60,000 common shares of the company, representing 29.22 per cent of the company's issued and outstanding shares on a postconversion beneficial ownership basis. Mr. Barr now holds 8,119,438 common shares, of which 1,734,240 shares are held by New Age Metals Inc., and 410,000 stock options entitling Mr. Barr to purchase an additional 410,000 common shares of the company, representing 31.22 per cent of the company's current issued and outstanding shares on a postconversion beneficial ownership basis.
The securities were acquired for investment purposes. Mr. Barr has a long-term view of the investment, and may, in the future, acquire and/or dispose of securities through the open market, through private transactions or through the company's stock option plan as circumstances or market conditions may warrant.
We seek Safe Harbor.
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