An anonymous representative of Texada Capital Management reports
EARLY WARNING NEWS RELEASE IN CONNECTION WITH THE SHARE OWNERSHIP OF BENGAL ENERGY LTD.
In accordance with the requirements of National Instrument 62-103 -- The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, Texada Capital Management Ltd., a company owned and controlled by Mr. Wheeler, a director of Bengal Energy Ltd., and his spouse, has acquired ownership and control of an aggregate of 330.72 million common shares of Bengal representing approximately 76.4 per cent of the issued and outstanding common shares of the corporation at a price of five cents per common share for a total aggregate subscription amount of $4-million, plus $12,536,000 being the Canadian-dollar equivalent of $10-million (U.S.) based on the daily average Canadian/U.S.-dollar foreign exchange rate published by the Bank of Canada as at the Feb. 24, 2021.
Before giving effect to the private placement, the insiders owned and controlled an aggregate of 26,891,489 common shares representing approximately 26 per cent of the issued and outstanding common shares. After giving effect to the private placement, the insiders own or control an aggregate of 357,611,489 common shares representing approximately 82.6 per cent of the issued and outstanding common shares.
Texada holds the common shares for investment purposes. Texada may, from time to time, as market opportunities exist or develop, increase or decrease its ownership of common shares as permitted by applicable securities laws.
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