(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 (“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 June 1, 2021, theAcquiror distributed 2,000,000 Common Shares of the Issuer to certainof its directors, officers, employees and consultants as bonuses inrecognition of the services provided by such persons and reflective ofthe increased value of the Acquiror’s investments due to suchservices (the “Transaction”). The disposition represented 6.21% ofthe issued and outstanding Common Shares of the Issuer.
The Acquiror’s securityholding percentage in theCommon Shares as a result of Transaction went from 11.19% prior to theTransaction to 4.98% following the Transaction.
Prior to the Transaction, the Acquiror owned andcontrolled 3,605,000 Common Shares and 1,000,000 warrants representing11.19% of the then issued and outstanding Common Shares based on atotal of 32,223,369 Common Shares outstanding as of May 31, 2021 (or13.86% assuming exercise of the warrants).
Subsequent to the Transaction, the Acquiror owned andcontrolled 1,605,000 Common Shares representing 4.98% of the issuedand outstanding Common Shares of the Issuer (or 7.84% 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 3,730,00 Common Shares of the Issuerrepresenting 11.58% of the then issued and outstanding Common Sharesof the Issuer based on a total of 32,223,369 Common Shares outstandingas of May 31, 2021 (or 14.24% assuming exercise of thewarrants).
Subsequent to the Transaction, the Acquiror togetherwith Collins owned and controlled 1,730,000 Common Shares of theIssuer and 1,000,000 warrants representing 5.37% of the then issuedand outstanding Common Shares of the Issuer based on a total of32,223,369 Common Shares outstanding as of June 1, 2021 (or 8.22%assuming exercise of the warrants).
The Common Shares were distributed at a deemed value of$0.20 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. A copy of such report will also be available from the Acquiror upon written request to CrestResources Inc. at #3043, 595 Burrard Street, Vancouver, BC V7X 1J1Tel: 778 819 2709.
For additional information, contact:
Michael Collins
President and CEO
Crest Resources Inc.
604-681-3170
Copyright (c) 2021 TheNewswire - All rights reserved.