Early Warning News Release Issued Pursuant to Ni 62-103 Acquisition of Units of Crest Resources Inc.
Vancouver, March 9, 2022 - (CSE:VC) This news release is being disseminated by Emma Fairhurst (the "Acquiror") pursuant to National Instrument 62-103, The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, in connection with the acquisition of certain common shares (the "Common Shares") of Crest Resources Inc. (the "Issuer"), a British Columbia corporation whose common shares are listed for trading on the Canadian Securities Exchange under the symbol "CRES". On March 9, 2022, the Acquiror acquired 8,000,000 units at a price of $0.05 per unit for proceeds of $800,000. Each unit consists of one Common Share and one warrant. Each warrant is exercisable to purchase one further Common Share at a price of $0.10 for a period of three years from closing (the "Transaction"). This transaction represents an increase of 8.47% in the Acquiror's securityholding percentage in the issued and outstanding Common Shares of the Issuer, or an increase of 16.80% in the Acquiror's securityholding percentage of the deemed outstanding shares of the Issuer assuming exercise of the warrants held by the Acquiror.
Prior to the Transaction, the Acquiror owned 150,000 stock options of the Issuer, and controlled 23,729,752 Common Shares of the Issuer, and 9,000,000 warrants representing 29.75% of the then issued and outstanding Common Shares of the Issuer based on a total of 79,774,021 Common Shares outstanding as of March 8, 2022; or 32,879,752 Common Shares of the Issuer representing 36.98% of the outstanding shares assuming exercise of the 150,000 stock options and 9,000,000 warrants held by the Acquiror.
Subsequent to the Transaction, the Acquiror owned and controlled 31,729,752 Common Shares of the Issuer representing 33.59% of the then issued and outstanding Common Shares of the Issuer based on a total of 94,474,021 Common Shares outstanding as of March 9, 2022; or 48,879,752 Common Shares of the Issuer representing 43.79% of the outstanding shares assuming exercise of the 150,000 stock options and 17,000,000 warrants held by the Acquiror.
The 8,000,000 units were acquired at a price of $0.05 per Common Share for total consideration of $400,000 in connection with a private placement subscription agreement.
The Acquiror has acquired the Common Shares for investment purposes and in accordance with applicable securities laws. The Acquiror may, from time to time, acquire additional common shares and/or other equity, debt or other securities or instruments (collectively, "Securities") of the Issuer in the open market or otherwise, and reserves the right, subject to applicable securities law, to dispose of any or all of its Securities in the open market or otherwise at any time and from time to time, and to engage in similar transactions with respect to the Securities, the whole depending on market conditions, the business and prospects of the Issuer and other relevant factors.
A copy of the early warning report dated March 9, 2021 to be filed by the Acquiror in connection with the acquisition of the Common Shares of the Issuer will be available on SEDAR at www.sedar.com under the Issuer's profile. Copies of such reports will also be available from the Acquiror upon written request to Emma Fairhurst at 150-1350 Burrard Street, Vancouver, BC Tel: 778 819 2709.
For additional information, contact:
Emma Fairhurst
778 819 2709
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