(TheNewswire)
Vancouver, B.C. - TheNewswire – April 6, 2021 – Thisnews release is being disseminated by Crest Resources Inc. (the“ Acquiror ”) pursuant to National Instrument 62-103, The Early Warning System and RelatedTake-Over Bid and Insider Reporting Issues (“NI 62-103”), in connection with theacquisition of certain common shares (the “ Common Shares ”) ofOpawica Explorations Inc. (the “ Issuer ”), a BritishColumbia corporation whose common shares are listed for trading on theTSX Venture Exchange under the symbol “OPW”.
On March 29, 2021, theAcquiror acquired 2,000,000 Common Shares of the Issuer at a deemedprice of $0.2325 and 1,000,000 warrants exercisable at a price of$0.31 for a term of 24 months expiring March 29, 2023 (the“Warrants”), in connection with a property purchase and saleagreement dated February 11, 2021 between the Issuer and the Acquiror(the “Transaction”).
The Acquiror’s security holding percentage in the Common Shares as a resultof Transaction went from 6.89 % prior to the Transaction to 14.37 % (or 17.68% following the Transaction assuming exercise of the Warrants held by theAcquiror ) .
Prior to the Transaction, the Acquiror owned andcontrolled 1,575,000 Common Shares representing 6.89% of the thenissued and outstanding Common Shares based on a total of 22,882,119Common Shares outstanding as of March 28, 2021.
Subsequent to the Transaction, the Acquiror owned andcontrolled 3,575,000 Common Shares and 1,000,000 Warrants representing14.37% of the issued and outstanding Common Shares (or 17.68% assumingexercise of the 1,000,000 Warrants held by the Acquiror).
Michael Collins (“Collins”), the President andChief Executive Officer of the Acquiror, is a joint actor of theAcquiror as that term is used in NI 62-103.
Prior to the Transaction, the Acquiror together withCollins owned and controlled 1,700,000 Common Shares of the Issuerrepresenting 7.43% of the then issued and outstanding Common Shares ofthe Issuer based on a total of 22,882,119 Common Shares outstanding asof March 28, 2021.
Subsequent to the Transaction, the Acquiror togetherwith Collins owned and controlled 3,700,000 Common Shares of theIssuer representing 14.87% of the then issued and outstanding CommonShares of the Issuer based on a total of 24,882,119 Common Sharesoutstanding as of March 29, 2021; or 4,700,000 Common Shares of theIssuer representing 18.16% of the outstanding shares assuming exerciseof the 1,000,000 Warrants held by the Acquiror.
The Acquiror has acquired the Common Shares forinvestment purposes and in accordance with applicable securities laws. The Acquiror may, from time to time, acquire additional commonshares and/or other equity, debt or other securities or instruments(collectively, “ Securities ”) of the Issuer in the openmarket or otherwise, and reserves the right, subject to applicablesecurities law, to dispose of any or all of its Securities in the openmarket or otherwise at any time and from time to time, and to engagein similar transactions with respect to the Securities, the wholedepending on market conditions, the business and prospects of theIssuer and other relevant factors.
A copy of the early warning report dated March 29, 2021to be filed by the Acquiror in connection with the acquisition of the Common Shares of the Issuer will beavailable on SEDAR at www.sedar.com under theIssuer’s profile. A copy of such report will also be availablefrom the Acquiror upon written request to Crest Resources Inc. at 1100- 595 Howe Street, Vancouver, B.C. V6C 2T5 Tel: 604-681-3170.
For additional information, contact:
Michael Collins
President and CEO
Crest Resources Inc.
604-681-3170
Copyright (c) 2021 TheNewswire - All rights reserved.