(TheNewswire)
Vancouver, B.C. – TheNewswire - June 3, 2021 – This news release is beingdisseminated by Crest Resources Inc. (CNSX:CRES.CN) (OTC:CRSTF) (the“ Acquiror ”) pursuant to National Instrument 62-103, The Early Warning System and RelatedTake-Over Bid and Insider Reporting Issues, inconnection with the acquisition of certain common shares (the“ Common Shares ”) of Origen Resources Inc. (the “ Issuer ”), a BritishColumbia corporation whose common shares are listed for trading on theCanadian Securities Exchange under the symbol “ORGN”.
On June 1, 2021, the Acquiror distributed 2,000,000Common Shares of the Issuer to certain of its directors, officers,employees and consultants as bonuses in recognition of the servicesprovided by such persons and reflective of the increased value of theCompany’s investments due to such services (the “Transaction”).The disposition represented 6.21% of the issued and outstanding CommonShares of the Issuer.
The Acquiror’s securityholding percentage in theCommon Shares as a result of Transaction went from 15.61% prior to theTransaction to 9.41% following the Transaction.
Prior to the Transaction, the Acquiror owned andcontrolled 5,033,333 Common Shares and 416,667 warrants representing15.61% of the then issued and outstanding Common Shares based on atotal of 32,248,657 Common Shares outstanding as of May 31, 2021 (or16.69% assuming exercise of the warrants).
Subsequent to the Transaction, the Acquiror owned andcontrolled 3,033,333 Common Shares representing 9.41% of the issuedand outstanding Common Shares of the Issuer (or 10.57% assumingexercise of the warrants).
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 5,233,333 Common Shares, 616,667 warrantsand 200,000 options of the Issuer representing 16.23% of the thenissued and outstanding Common Shares of the Issuer based on a total of32,248,657 Common Shares outstanding as of May 31, 2021 (or 18.30%assuming exercise of the warrants and options).
Subsequent to the Transaction, the Acquiror togetherwith Collins owned and controlled 3,233,333 Common Shares of theIssuer, 616,666 warrants and 200,000 options representing 10.03% ofthe then issued and outstanding Common Shares of the Issuer based on atotal of 32,248,657 Common Shares outstanding as of June 1, 2021 (or12.25% assuming exercise of the warrants and options).
The Common Shares were distributed at a deemed value of$0.16 per Common Share.
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 June 3, 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. Copies of such reports will also be availablefrom the Acquiror upon written request to Crest Resources Inc. at#3043, 595 Burrard Street, Vancouver, BC V7X 1J1 Tel: 778 8192709.
For additional information, contact:
Michael Collins
President and CEO
Crest Resources Inc.
604-681-3170
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