(TheNewswire)
Vancouver, B.C. – TheNewswire - March 9, 2022 – (CSE:VC) This news release is being disseminated by EmmaFairhurst (the “ Acquiror ”) pursuant to National Instrument62-103, The Early WarningSystem and Related Take-Over Bid and Insider ReportingIssues, in connection with the acquisition ofcertain common shares (the “ Common Shares ”) of Crest Resources Inc.(the “ Issuer ”), a British Columbia corporation whose common shares arelisted for trading on the Canadian Securities Exchange under thesymbol “CRES”.
On March 9, 2022, the Acquiror acquired 8,000,000 unitsat a price of $0.05 per unit for proceeds of $800,000. Each unitconsists of one Common Share and one warrant. Each warrant isexercisable to purchase one further Common Share at a price of $0.10for a period of three years from closing (the “Transaction”). Thistransaction represents an increase of 8.47% in the Acquiror’ssecurityholding percentage in the issued and outstanding Common Sharesof the Issuer, or an increase of 16.80% in the Acquiror’ssecurityholding percentage of the deemed outstanding shares of theIssuer assuming exercise of the warrants held by the Acquiror.
Prior to the Transaction, the Acquiror owned 150,000stock options of the Issuer, and controlled 23,729,752 Common Sharesof the Issuer, and 9,000,000 warrants representing 29.75% of the thenissued and outstanding Common Shares of the Issuer based on a total of79,774,021 Common Shares outstanding as of March 8, 2022; or32,879,752 Common Shares of the Issuer representing 36.98% of theoutstanding shares assuming exercise of the 150,000 stock options and9,000,000 warrants held by the Acquiror.
Subsequent to the Transaction, the Acquiror owned andcontrolled 31,729,752 Common Shares of the Issuer representing 33.59%of the then issued and outstanding Common Shares of the Issuer basedon a total of 94,474,021 Common Shares outstanding as of March 9,2022; or 48,879,752 Common Shares of the Issuer representing 43.79% ofthe outstanding shares assuming exercise of the 150,000 stock optionsand 17,000,000 warrants held by the Acquiror.
The 8,000,000 units were acquired at a price of $0.05per Common Share for total consideration of $400,000 in connectionwith a private placement subscription agreement.
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 9, 2021to be filed by the Acquiror in connection with the acquisition of theCommon Shares of the Issuer will be available on SEDAR at www.sedar.com under the Issuer’s profile. Copies of such reports will also beavailable from the Acquiror upon written request to Emma Fairhurst at150-1350 Burrard Street, Vancouver, BC Tel: 778 819 2709.
For additional information, contact:
Emma Fairhurst
778 819 2709
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