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Beedie Investments Ltd. ("Beedie Capital") announces it has completed an internal reorganization (the "Reorganization") of the holdings of Beedie Capital, pursuant to which: (i) Beedie Capital assigned and transferred 23,853,107 common shares ("Common Shares") in the capital of Oceanic Iron Ore Corp. ("Oceanic Iron Ore"), 13,333,360 common share purchase warrants ("Warrants") in the capital of Oceanic Iron Ore, Series A Convertible Debentures in the principal amount of $200,000 of Oceanic Iron Ore ("Series A Debentures"), Series B Convertible Debentures in the principal amount of $837,500 of Oceanic Iron Ore ("Series B Debentures"), Series C Convertible Debentures in the principal amount of $200,640 of Oceanic Iron Ore ("Series C Debentures"), and "), Series D Convertible Debentures in the principal amount of $304,000 of Oceanic Iron Ore ("Series D Debentures") to Beedie Capital Investments Ltd. ("Beedie Capital Investments"); and (ii) Beedie Capital assigned and transferred all of the outstanding shares of Beedie Capital Investments to Beedie Capital Holdings Ltd. ("Beedie Capital Holdings"), resulting in Beedie Capital Investments being a wholly-owned subsidiary of Beedie Capital Holdings. The aforementioned securities were valued at their original acquisition cost when transferred by Beedie Capital to Beedie Capital Investments as part of the Reorganization.
Each of Beedie Capital Investments and Beedie Capital Holdings is a wholly-owned subsidiary of Beedie Capital.
Immediately prior to the completion of the internal Reorganization, Beedie Capital had ownership of 23,853,107 Common Shares, 13,333,360 Warrants, Series A Debentures in the principal amount of $200,000, Series B Debentures in the principal amount of $837,500, Series C Debentures in the principal amount of $200,640 and Series D Debentures in the principal amount of $304,000, which assuming the conversion in full of the aforementioned convertible debentures, and the exercise in full of the warrants issuable upon such conversions, represented approximately 33.87% of the issued and outstanding Common Shares after giving effect to such conversions and exercises.
Immediately following the completion of the internal Reorganization, Beedie Capital, indirectly through Beedie Capital Investments, would continue to own 23,853,107 Common Shares, 13,333,360 Warrants, Series A Debentures in the principal amount of $200,000, Series B Debentures in the principal amount of $837,500, Series C Debentures in the principal amount of $200,640 and Series D Debentures in the principal amount of $304,000, which assuming the conversion in full of the aforementioned convertible debentures, and the exercise in full of the warrants issuable upon such conversions, represented approximately 33.87% of the issued and outstanding Common Shares after giving effect to such conversions and exercises.
All of the securities held by Beedie Capital in Oceanic Iron Ore, including the Common Shares, the Warrants, the Series A Debentures, the Series B Debentures, the Series C Debentures and Series D Debentures, are being held for investment purposes. Beedie Capital may in the future take such actions in respect of its Oceanic Iron Ore securityholdings as it deems appropriate in light of the market circumstances then existing, including the potential purchase of additional shares of Integra through open market purchases or privately negotiated transactions, a corporate transaction, such as a merger, reorganization or liquidation, involving Oceanic Iron Ore, or the sale of all or a portion of such holdings in the open market or in privately negotiated transactions to one or more purchasers, or Beedie Capital may continue to hold its current positions.
A copy of the early warning report relating to the Common Shares, the Warrants, the Series A Debentures, the Series B Debentures, the Series C Debentures and Series D Debentures will be available under Oceanic Iron Ore's profile on SEDAR+ at www.sedarplus.ca, and may also be obtained by contacting Beedie Investments Ltd. at 604-435-3321. Beedie Capital's head office is located at Suite 900 - 1111 West Georgia St. Vancouver, BC V6E 4M3.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/278977
