This news release is being disseminated by Crest Resources Inc. pursuant to National Instrument 62-103 (the Early Warning System and Related Take-Over Bid and Insider Reporting Issues) in connection with the disposition of certain common shares of Exploits Discovery Corp., a B.C. corporation whose common shares are listed for trading on the Canadian Securities Exchange under the symbol NFLD.
On June 30, 2021, the acquiror disposed of seven million common shares of the issuer through the facilities of the Canadian Securities Exchange, representing 6.92 per cent of the issued and outstanding common shares of the issuer.
The acquiror's securityholding percentage in the common shares as a result of a transaction went from 12.81 per cent prior to the transaction to 5.90 per cent following the transaction.
Prior to the transaction, the acquiror owned and controlled 12,969,476 common shares, representing 12.81 per cent of the then issued and outstanding common shares of the issuer, based on a total of 101,265,992 common shares outstanding as of June 30, 2021.
Subsequent to the transaction, the acquiror owned and controlled 5,969,476 common shares, representing 5.90 per cent of the issued and outstanding common shares of the issuer.
Michael Collins, the president and chief executive officer of the acquiror, is a joint actor of the acquiror as that term is used in NI 62-103.
Prior to the transaction, the acquiror together with Mr. Collins owned and controlled 14,796,976 common shares, 102,000 warrants and 600,000 options of the issuer, representing 14.62 per cent of the then issued and outstanding common shares of the issuer, based on a total of 101,265,992 common shares outstanding as of June 30, 2021 (or 15.20 per cent assuming exercise of the warrants and options).
Subsequent to the transaction, the acquiror together with Mr. Collins owned and controlled 7,796,976 common shares of the issuer, representing 7.70 per cent of the then issued and outstanding common shares of the issuer, based on a total of 101,265,992 common shares outstanding as of June 30, 2021 (or 8.34 per cent assuming exercise of the warrants and options).
The acquiror received $7,003,158 for the disposition of the seven million common shares as follows: 6,902,400 at a price of $1 per common share; 54,000 at a price of $1.04 per common share; 28,100 at a price of $1.03 per common share; and 15,500 at a price of $1.01 per common share.
The acquiror has disposed of the common shares for investment purposes and in accordance with applicable securities laws. The acquiror may, from time to time, acquire additional common shares and/or other equity, debt, or other securities or instruments of the issuer in the open market or otherwise, and reserves the right, subject to applicable securities law, to dispose of any or all of its securities in the open market or otherwise at any time and from time to time, and to engage in similar transactions with respect to the securities, the whole depending on market conditions, the business and prospects of the issuer, and other relevant factors.
A copy of the early warning report dated July 2, 2021, to be filed by the acquiror in connection with the acquisition of the common shares of the issuer will be available on SEDAR under the issuer's profile. Copies of such reports will also be available from the acquiror upon written request to Crest Resources at No. 3043, 595 Burrard St., Vancouver, B.C., V7X 1J1, or by telephone at 778-819-2709.