An anonymous director reports
GARRETT AINSWORTH ANNOUNCES FILING OF EARLY WARNING REPORT RELATED TO THE ACQUISITION OF COMMON SHARES OF SEARCHLIGHT RESOURCES INC.
Garrett Ainsworth has acquired an aggregate of 5,891,260 common shares of Searchlight Resources Inc. at a price of five cents per common share. A total of 3,402,880 shares were allocated to Ainsworth-Jenkins Holdings Inc. (AJH) and 2,488,380 shares were allocated to Metamin Enterprises Inc. Mr. Ainsworth is the control person for AJH and Metamin, and he directly holds 409,540 shares that were obtained through an inheritance distribution on Aug. 17, 2018.
Prior to the recent transaction, Mr. Ainsworth held 409,540 common shares, which represented 1.31 per cent of the outstanding common shares. Subsequent to the recent acquisition of common shares, the acquiror now owns an aggregate of 6,300,800 common shares of the company, which represents 16.83 per cent of the issued and outstanding common shares.
The shares were acquired as part of a shares-for-debt arrangement. Mr. Ainsworth is the control person for AJH and Metamin. In due course, a total of 5,891,260 shares will be transferred to the estate of Benjamin Ainsworth, which will subsequently be distributed to the three beneficiaries of the estate.
A copy of the early warning report to be filed by the acquiror will be available on SEDAR under the issuer's profile.
This early warning news release is issued under the early warning provisions of Canadian securities legislation, including National Instrument 62-104 -- Take-Over Bids and Issuer Bids, and National Instrument 62-103 -- The Early Warning System and Related Take-Over Bid and Insider Reporting Issues.
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