VANCOUVER, BC / ACCESSWIRE / November 26, 2019 / John Conlon today announced an acquisition of common shares in EastCoal Inc (the “Issuer”).
Prior to the acquisition referred to below, John Conlon owned directly 549,868 Common Shares and indirectly 1,007,910 Common Shares representing 13.61% of the issued and outstanding common shares of the Issuer.
On November 11, 2019 John Conlon acquired through the NEX board of the TSX Venture Exchange (“NEX”) 1,100,000 common shares of the Issuer, at a price of $0.06 per share.
As a result of the above, John Conlon now beneficially owns and controls a total of 2,657,778 common shares, which represents 23.23% of the issued common shares of the Issuer.
Depending upon the circumstances, John Conlon may, from time to time, acquire additional securities of the Issuer or dispose of all or a portion of their securities of the Issuer.
The acquiror is relying on the exemption contained in Section 4.1(b) of National Instrument 62-104 from the requirement to make a formal take-over bid on the basis that there was an agreement for the purchase and sale between the acquiror and the seller of the Common Shares and purchases were made from one seller. The price for the Common Shares was the market price for the Common Shares on NEX.
FOR FURTHER INFORMATION OR TO OBTAIN A COPY OF THE REPORT REQUIRED BY SECURITIES REGULATIONS, PLEASE CONTACT:
Damien Forer Telephone: (778) 960-8517
SOURCE: John Conlon
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