VANCOUVER, BC, May 3, 2024
/CNW/ - On May 2, 2024, Robert (Bob) Bass of Ontario, Canada acquired, through Bass
Research Services Ltd., non-convertible debentures for principal
amount of $300,000
("Debentures") and 3,000,000 debenture warrants
("Debenture Warrants") of Getchell Gold Corp. (the
"Company") pursuant to a private placement, representing
securities convertible into approximately 2.3% of the Company's
issued and outstanding shares on an undiluted basis. Each Debenture
Warrant entitles the holder to purchase a common share of the
Company at $0.16 per share until
May 2, 2027. 50% of the Debenture
Warrants vested on closing of the private placement, and the
remaining 50% will vest and be exercisable on July 2, 2025, if the non-convertible debentures
are not paid by such date.
Immediately prior to the foregoing acquisition, Mr. Bass owned
and/or had control or direction over, directly or indirectly,
10,077,144 common shares, 450,000 warrants, 8,000,000 Debenture
Warrants, and Debentures in the principal amount of $800,000, representing approximately 7.80% of the
then issued and outstanding shares of the Company on an undiluted
basis, and approximately 13.45% of the then issued and outstanding
shares of the Company on a partially diluted basis.
Following completion of the Debenture Financing, Mr. Bass now
owns or has control or direction over, directly or indirectly,
10,077,144 common shares, 450,000 warrants, 11,000,000 Debenture
Warrants, and Debentures in the principal amount of $1,100,000, representing approximately 7.79% of
the issued and outstanding shares of the Company on an undiluted
basis, and approximately 15.28% of the issued and outstanding
shares of the Company on a partially diluted basis. Mr. Bass's
acquisition represents an approximately 1.83% increase in his
ownership and/or control over common shares of the Company on a
partially diluted basis, assuming that no further common shares of
the Company have been issued.
Mr. Bass acquired the Debentures and Debenture Warrants for
investment purposes. Mr. Bass may, depending on market and other
conditions, increase or decrease its ownership of the Company's
securities, whether in the open market, by privately negotiated
agreements or otherwise, subject to a number of factors, including
general market conditions and other available investment and
business opportunities.
The disclosure respecting Mr. Bass' security holdings of the
Company contained in this news release is made pursuant to
Multilateral Instrument 62-104 – Take-Over Bids and Issuer
Bids and a report respecting the above acquisition will be
filed with the applicable securities commissions using the Canadian
System for Electronic Document Analysis and Retrieval (SEDAR+) and
will be available for viewing at www.sedarplus.ca.
SOURCE Getchell Gold Corp.