TORONTO, Nov. 6, 2019 /CNW/ - Donald K. Johnson, an insider of
Murchison Minerals Ltd. (TSXV: MUR) (the "Issuer")
today announced the acquisition of 3,000,000 common shares of the
Issuer pursuant to a private agreement, on November 6, 2019.
The common shares were purchased at a price of $0.065 per share for
total consideration of $195,000. The common shares acquired
by Mr. Johnson represent approximately 6.2% of the issued and
outstanding common shares of the Issuer.
Prior to this acquisition, Mr. Johnson directly and indirectly
owned 13,124,495 common shares of the Issuer,
representing approximately 27.1% of the issued and
outstanding common shares of the Issuer
(15,391,295 common shares and 30.4%,
respectively, assuming the exercise of the convertible
securities described below). After the completion of the
share purchase, Mr. Johnson now directly and indirectly
owns 16,124,495 common shares representing approximately
33.3% of the issued and outstanding common shares, together
with options and warrants to acquire an aggregate of
2,266,800 common shares of the Issuer. If Mr. Johnson
were to exercise these convertible securities, he would own,
directly and indirectly, 18,391,295 common shares of the
Issuer, representing approximately 36.3% of the Issuer's
then outstanding common shares, on a partially diluted
basis.
Mr. Johnson acquired the common shares in reliance on the
"private agreement exemption" under section 4.2(1) of
National Instrument 62-104 – Take-Over Bids
and Issuer Bids. The common shares
were acquired from a single vendor and the value of the
consideration paid for the common shares was less than 115% of the
market price of the common shares, as determined in accordance
with applicable securities laws.
The common shares were acquired for investment
purposes. Mr. Johnson may, from time to time,
depending on market and other conditions, increase or decrease
his beneficial ownership, control or direction over securities
of the Issuer through market transactions, private agreements
or otherwise.
This press release is being issued pursuant to National
Instrument 62-103 – The Early Warning System
and Related Take-Over Bid and Insider Reporting Issues
which requires a report to be filed under the Issuer's profile
on SEDAR (www.sedar.com) containing additional information
respecting the foregoing matters.
SOURCE Donald K. Johnson
