Mr. Clarence Wagenaar reports
EARLY WARNING PRESS RELEASE FOR CLARENCE WAGENAAR IN ACCORDANCE WITH NATIONAL INSTRUMENT 62-103
On Aug. 15, 2019, pursuant to a private placement, Clarence Wagenaar, through two corporate entities he controls, acquired ownership of 10,273,333 units of Emerald Bay Energy Inc. at a price of 1.5 cents per unit, with each unit comprising one common share and one common share purchase warrants, whereby each warrant is exercisable into one common share in the capital of the corporation at a price of five cents on or before Aug. 15, 2020. The common shares and warrants were issued by the corporation in reliance upon Section 2.5(h) 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, Mr. Wagenaar owned or controlled 33,520,178 common shares and eight million warrants of the corporation. After giving effect to the acquisition of the units, Mr. Wagenaar owns or controls 43,793,511 common shares (or approximately 12.37 per cent of the issued and outstanding common shares (non-diluted)) and 18,273,333 warrants.
In the future, Mr. Wagenaar 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.
For further information or to receive a copy of the early warning report filed by Mr. Wagenaar with securities regulatory authorities in Canada in connection with this press release, please contact Michael Rice, chief financial officer of the corporation, at 403-262-6000.
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