June 28, 2021
FOR IMMEDIATE RELEASE
Cheyenna Kuplack, Communications
(907) 459-2097 Office
June 28, 2021
Fairbanks, AK – Doyon, Limited acquired 5,917,600 common shares (each, a “Common Share”) and 2,958,800 share purchase warrants (each, a “Warrant”) of Tectonic Metals Inc. (the “Company”) as a result of its subscription for 5,917,600 units of the Company (each, a “Unit”) at a price of $0.10 per Unit. Each Unit consisted of one Common Share and one-half of one Warrant, with each whole Warrant entitling the holder to purchase one common share in the capital of the Company (a “Warrant Share”) at a price of $0.17 per Warrant Share for a period of two years. The Warrants are subject to an acceleration clause, whereby if the volume-weighted average trading price of the Company’s Common Shares on the TSX Venture Exchange is 30 cents or greater for a period of 20 consecutive trading days (whether or not trading occurs on all such days), the Company has the right to accelerate the expiry date of the Warrants to 30 days from the date of issuance of a news release by the Company announcing the accelerated exercise period.
Following the acquisition of the Common Shares and Warrants, Doyon beneficially owns 16,390,600 Common Shares (including the Common Shares) and 8,195,300 share purchase warrants (including the Warrants) (collectively, the “Securities”), representing approximately 10.14% of the issued and outstanding voting securities of the Company on a non-diluted basis and 15.21% of the issued and outstanding securities of the Company, assuming exercise of the 8,195,300 Warrants held by Doyon.
The Securities were acquired from treasury pursuant to a non-brokered private placement of the Company and Doyon acquired them for investment purposes. Doyon has a long-term view of the investment and may acquire additional securities either on the open market or through private acquisitions or sell the securities either on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.
This news release is issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues (“NI 62-103”) of the Canadian Securities Administrators in connection with the acquisition of the Common Shares and Warrants by Doyon, which also requires an early warning report to be filed with the applicable securities regulators containing additional information with respect to the foregoing matters. A copy of the early warning report of Doyon will be available on the Company’s issuer profile on SEDAR at www.sedar.com.
A copy of the early warning report can also be obtained by contacting Paul Charlish (Chief Financial Officer of the Company) at 1-888-685-8558.
For the purposes of NI 62-103, the address of Doyon is 1 Doyon Place, Suite 300, Fairbanks, Alaska 99701-2941 and the head office address of the Company is 744 West Hastings Street, Suite 312, Vancouver, BC V6C 1A5.
Headquartered in Fairbanks, Doyon, Limited has more than 20,100 shareholders and was established under the 1971 Alaska Native Claims Settlement Act. Doyon has subsidiaries in oilfield services, government contracting, and tourism, is also the largest private landowner in Alaska and one of the largest in North America. Its mission is to continually enhance its position as a financially strong Native corporation in order to promote the economic and social well-being of its shareholders and future shareholders, to strengthen its Native way of life, and to protect and enhance its land and resources. For more information, visit www.doyon.com.
This press release may be downloaded as a PDF.