(TheNewswire)
Vancouver, B.C. - TheNewswire – November 8, 2021 –This news release is being disseminated by Crest Resources Inc. (the“ Acquiror ”) (CSE:CRES) (CNSX:CRES.CN)(OTC:CRSTF) pursuant to National Instrument62-103, The Early WarningSystem and Related Take-Over Bid and Insider ReportingIssues (“NI 62-103”), in connection with the acquisition of certain common shares (the“ Common Shares ”) of Rain City Resources Inc. (the “ Issuer ”), a BritishColumbia corporation whose common shares are listed for trading on theCanadian Securities Exchange under the symbol “RAIN”.
On November 5, 2021, the Acquiror acquired 3,880,000Common Shares at a price of $0.04 per Common Share in the open marketfor total investment of $155,200. This transaction represents 8.12% inthe Acquiror’s securityholding percentage in the issued andoutstanding Common Shares of the Issuer.
Prior to the transaction, the Acquiror owned andcontrolled 4,100,501 Common Shares of the Issuer representing 8.58% ofthe then issued and outstanding Common Shares of the Issuer based on atotal of 47,795,601 Common Shares outstanding as November 5,2021.
Subsequent to the transaction, the Acquiror owned andcontrolled 7,980,501 Common Shares of the Issuer representing 16.70%of the then issued and outstanding Common Shares of the Issuer basedon a total of 47,795,601 Common Shares outstanding as of November 5,2021.
Emma Fairhurst (“Fairhurst”), Chairperson, interimChief Executive Officer, Director and 10% holder of theAcquiror.
Prior to the transaction, the Acquiror together withFairhurst owned and controlled 16,800,501 Common Shares and 12,700,000warrants of the Issuer representing 35.15% of the then issued andoutstanding Common Shares of the Issuer based on a total of 47,795,601Common Shares outstanding as of November 5, 2021; or 29,500,501 CommonShares of the Issuer representing 48.77% of the outstanding sharesassuming exercise of the 12,700,000 warrants held by theAcquiror.
Subsequent to the transaction, the Acquiror togetherwith Fairhurst owned and controlled 20,680,501 Common Shares of theIssuer representing 43.27% of the then issued and outstanding CommonShares of the Issuer based on a total of 47,795,601 Common Sharesoutstanding as of November 5, 2021; or 33,380,501 Common Shares of theIssuer representing 55.18% of the outstanding shares assuming exerciseof the 12,700,000 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 November 8,2021 to 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:
Christopher Huggins
President and COO
Crest Resources Inc.778 819 2709
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