Doyon Acquires Securities of Tectonic Metals Inc.
Fairbanks, AK – Doyon, Limited acquired 10,833,333 common shares (each, a “Common Share”) and 5,416,667 share purchase warrants (each, a “Warrant”) of Tectonic Metals Inc. (the “Company”) as a result of its subscription for 10,833,333 units of the Company (each, a “Unit”) at a price of $0.06 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 $0.10 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 20 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 27,223,933 Common Shares (including the Common Shares) and 8,375,467 share purchase warrants (including the Warrants) (collectively, the “Securities”), representing approximately 14.04% of the issued and outstanding voting securities of the Company on a non-diluted basis and 17.60% of the issued and outstanding securities of the Company, assuming exercise of the 8,375,467 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 Zavier Wenzel (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.
View the official press release here.
