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BURNABY, BC, Feb. 25, 2020 /CNW/ - Beedie Investments Ltd. ("Beedie Investments") announces that it has acquired 110,000 common shares (the "Purchased Shares") of Oceanic Iron Ore Corp. (the "Company") on the open market at a purchase price of CDN$0.12 per Purchased Share for aggregate consideration of $13,200. Prior to the acquisition of the Purchased Shares, the Company announced on November 27, 2019 that it had issued 18,500,000 common shares from treasury to certain holders of convertible debentures other than Beedie Investments, which caused a decrease in the percentage ownership of common shares of the Company owned or deemed to be owned by Beedie Investments.
Prior to its acquisition of the Purchased Shares, Beedie Investments held a total of (i) 550,000 Common Shares, (ii) Class A Debentures of the Company in the principal amount of $200,000 (the "Class A Debentures"), which, assuming the conversion in full of the Class A Debentures and the exercise in full of the warrants issuable upon such conversion, are convertible into 4,000,000 Common Shares, and (iii) Class B Debentures of the Company in the principal amount of $837,500 (the "Class B Debentures"), which, assuming the conversion in full of the Class B Debentures and the exercise in full of the warrants issuable upon such conversion, are convertible into 16,750,000 Common Shares. Accordingly, today's acquisition of the Purchased Shares brings the total number of Common Shares owned or deemed to be owned by Beedie Investments to 21,410,000 (assuming the conversion in full of the Class A Debentures and the Class B Debentures and the exercise in full of the warrants issuable upon the conversion of the Class A Debentures and the Class B Debentures).
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Ryan Beedie is the sole shareholder of Beedie Investments.
Beedie Investments acquired the Purchased Shares for investment purposes. Beedie Investments reviews its holdings in the Company on a continuing basis and may from time to time and at any time, in its sole discretion, acquire or cause to be acquired additional equity or debt securities or other instruments of the Company, or dispose or cause to be disposed such equity or debt securities or instruments, through open market transactions, private placements by the Company and other privately negotiated transactions, or otherwise, in each case in accordance with applicable securities laws.
This press release is being issued pursuant to the requirements of Part 3 of National Instrument 62‑103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues. A copy of the early warning report relating to Beedie Investment's acquisition of the Purchased Shares will be available under the Company's profile on SEDAR (www.sedar.com), and may also be obtained by contacting Beedie Investments at (604) 435-3321.
Beedie Investments Ltd.
3030 Gilmore Diversion
Burnaby, BC V5G 3B4
Canada
SOURCE Beedie Investments Ltd.
View original content: http://www.newswire.ca/en/releases/archive/February2020/26/c3693.html
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.