Mr. Paul Stevenson reports
EARLY WARNING REPORT - MAY 1, 2024
On April 25, 2024, Elliot Strashin purchased five million private placement units of the company at two cents per unit through Strashin Developments Ltd., a wholly owned corporation. Each unit consisted of one common share and one share purchase warrant. Each warrant entitles the holder to purchase an additional common share at five cents 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 18.85 million common shares of the company, representing approximately 12.34 per cent 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 19.37 million common shares of the company, or approximately 12.64 per cent of the issued and outstanding common shares.
Immediately after the transaction, Mr. Strashin had beneficial ownership and control of 23.85 million common shares of the company, representing approximately 14.66 per cent of the issued and outstanding common shares on a non-diluted basis. In addition, Mr. Strashin held or controlled 5.52 million share purchase warrants to purchase 5.52 million common shares. Assuming the exercise of these share purchase warrants, Mr. Strashin would hold 29.37 million common shares of the company, or approximately 17.46 per cent 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+.
We seek Safe Harbor.
© 2024 Canjex Publishing Ltd. All rights reserved.