TSXV – BEN.H
VANCOUVER, BC, July 11,
2022 /CNW/ - Butte Energy Inc. (TSXV:
BEN.H) (the "Company") has been advised that in connection with the
completion of a Private Transaction, Thomas
Humphreys, has become an insider of Butte Energy Inc., and
Brian Paes-Braga is no longer an
insider of the Company as further described below.
Early Warning Language
The Company has been advised that Thomas
Humphreys acquired ownership and direction or control over
60,000,000 Butte Energy Inc., common shares, representing 18.79% of
the issued and outstanding common shares of the Company pursuant to
a private transaction. Prior to the completion of the
Transaction, Mr. Humphreys owned no securities of the Company.
The Company further announces that Mr. Paes-Braga sold
62,000,000 common shares, representing 19.41% of the issued and
outstanding common shares of the Company pursuant to a private
transaction. The Company has cancelled 1,000,000 incentive
stock options granted to the Quiet Cove Foundation, a charitable
organization controlled by Mr. Paes-Braga. Following the
transaction, Mr. Paes-Braga has direct ownership and/or control,
over 240,000 common shares of the Company representing 0.08% of the
issued and outstanding common shares.
The Company has been advised that Mr. Humphreys and Mr.
Paes-Braga and his related entities acquired or disposed of these
securities for investment purposes and will be disclosed in Early
Warning Reports to be filed on SEDAR. Mr. Humphreys and Mr.
Paes-Braga may in the future acquire or dispose of securities of
the Company, through the market, privately or otherwise, as
circumstances or market conditions warrant.
The Company accepted the resignation of Mrs. Lindsey Le Ho as Chief Financial Officer and
Corporate Secretary. The Company would like to thank Mrs.
Le Ho for her services and wish her
success in her future endeavours. The Company has appointed
Ms. Kia Russell as Chief Financial
Officer and Corporate Secretary of the Company.
The Company did not proceed with the non-brokered private
placement previously announced on March 24,
2022.
On behalf of BUTTE ENERGY INC.
"Geir
Liland"
Chief Executive Officer
Neither the 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 release.
Statements included in this announcement, including
statements concerning our plans, intentions and expectations, which
are not historical in nature are intended to be, and are hereby
identified as, "forward– looking statements".
Forward–looking statements may be identified by words
including "anticipates", "believes", "intends", "estimates",
"expects" and similar expressions. The Company cautions readers
that forward–looking statements, including without
limitation those relating to the Company's future operations and
business prospects, are subject to certain risks and uncertainties
that could cause actual results to differ materially from those
indicated in the forward–looking statements.
SOURCE Butte Energy Inc.