(TheNewswire)
Vancouver, B.C. - TheNewswire - December 15, 2020 - Crest ResourcesInc. (“Crest” or the “Company”) (CSE:CRES) (CNSX:CRES.CN) (OTC:CRSTF) announces that, further toits news releases of August 6 and December 8, 2020, the Company ispleased to announce that it has acquired a total of 10,566,667 commonshares (36%) of the issued and outstanding share capital of OCPHoldings Ltd. (formerly Ore Capital Partners Ltd.) (“OCP”), aprivate investment holding company from each of 1247814 B.C. Ltd.,Garry Stock, and Jason Cubitt Holdings Inc., for consideration of18,647,123 common shares of the Company at a deemed price of $0.115per share (the “Crest Shares”). The Crest Shares are subject to astatutory four month hold period expiring April 25, 2021.
Garry Stock, a director of the Company and also a director of OCP,received 705,885 Crest Shares.
1247814 B.C. Ltd., a private British Columbia companycontrolled by Emma Fairhurst (“Fairhurst”), a consultant to theCompany, received 16,000,055 Crest Shares in the transaction.Subsequent to the transaction, Fairhurst controls 16,750,055 common shares of theCompany, representing 26.87 % of the issued and outstanding common shares of the Companybased on a total of 62,334,957 common shares outstanding following thetransaction and 25,900,055 common shares or 36.23% assuming exerciseof 150,000 stock options and 9,000,000 warrants controlled byFairhurst. Fairhurst agrees to vote a maximum of a 19.9% interestuntil such time as Fairhurst is diluted below a 20% interest or thereis a shareholder vote to allow a new insider control position whichthe Company will endeavour to hold at the next annual or specialmeeting.
The core assets of OCP are 14,750,001 common shares ofInflection Resources Ltd., a junior resource company focused on newdiscoveries in the Lachlan Fold Belt and Croydon goldfield inAustralia. OCP recently on the Canadian Securities Exchange(“CSE”) under the symbol “AUCU” and has a marketcapitalization of $27 million (see www.inflectionresources.com); and12,038,443 common shares of Headwater Gold Inc., a private juniorresource company with an large portfolio of 100% owned goldexploration projects in Nevada, Idaho and Oregon (see www.headwatergold.com ) which lastraised funds privately at $0.25.
President and CEO Michael Collins comments, “Throughthe acquisition of the OCP stock we have exposure to 2 exceptionalexploration plays in Australian copper and US south west gold withsome of the smartest explorationists and discovers in our industry. This is transaction is accretive on a share value basis but holdssignificant upside on discover and underlines the type projects thatCrest looks to be involved in.”
About Crest Resources Inc.
Crest Resources Inc. is a British Columbia companylisted on the Canadian Securities Exchange under the symbol CRES. TheCompany’s principal business activity is the acquisition,exploration and evaluation of mineral property assets in Canada,Australia and Peru and the investment in mineral exploration companiesand related mining technologies of merit. The Company’s Canadianmineral property assets include various land and corporate ownershippositions within the Exploits Subzone, the newest emergingdistrict-scale gold exploration and mining district in the province ofNewfoundland and Labrador.
FOR FURTHER INFORMATIONCONTACT:
Michael Collins
President and CEO
Crest Resources Inc.
Telephone: 604-681-3170
Neither the Canadian SecuritiesExchange nor its Regulation Service Provider (as the term is definedin the policies of the Canadian Securities Exchange) acceptsresponsibility for the adequacy of accuracy of this newsrelease.
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