Mr. Carlo Gutierrez, investor, reports
EARLY WARNING PRESS RELEASE IN ACCORDANCE WITH NATIONAL INSTRUMENT 62-103
Carlo Gutierrez issues this press release pursuant to part 3 (early warning requirements) of National Instrument 62-103 with respect to Emerald Bay Energy Inc.
On August 15, 2019, pursuant to a private placement, Carlo Gutierrez ("Gutierrez"), a director of Emerald Bay Energy Inc., acquired ownership of 11,034,333 units (the "Units") of Emerald Bay Energy Inc. (the "Corporation") at a price of $0.015 per Unit, with each Unit being comprised of one common share and one common share purchase warrants (each a "Warrant"), whereby each Warrant is exercisable into one common share (a "Common Share") in the capital of the Corporation at a price of $0.05 on or before August 15, 2020. The Common Shares and Warrants were issued by the Corporation in reliance upon Section 2.5(a) of National Instrument 45-106 - Prospectus and Registration Exemptions. Pursuant to this exemption, the Common Shares and Warrants are initially subject to a four-month hold period.
Prior to giving effect to the foregoing acquisition of securities, Gutierrez owned or controlled 24,140,200 Common Shares and no warrants of the Corporation. After giving effect to the acquisition of the Units, Gutierrez owns or controls 35,174,533 Common Shares (or approximately 9.93% of the issued and outstanding Common Shares (non-diluted)) and 11,034,333 Warrants. If Gutierrez was to exercise all of the warrants in the Corporation he owns (being 11,034,333 warrants), he would control 12.66% of the issued and outstanding Common Shares of the Corporation.
In the future, Gutierrez may acquire additional securities of the Corporation, dispose of some or all of the securities he now owns or controls, or may continue to hold his current position.
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