LAZO, BC / ACCESSWIRE / May 29, 2019 / BEC International Corp. ("BEC") issues this press release pursuant to Part 3 - Early Warning Requirements of National Instrument 62-103 with respect to Troy Energy Corp. ("Troy" or the "Corporation").
On May 29, 2019, BEC acquired 2,550,000 common shares of the Corporation in settlement of an aggregate of $127,500 that was owing to BEC by the Corporation in respect of overdue cash payments owing in connection with the acquisition by the Corporation of certain properties from BEC. A further $25,000 was owing to William MacNeill (controlling shareholder of BEC) in respect of outstanding shareholder loans, which were also settled via the issuance of an aggregate of 500,000 common shares of Troy. Prior to the foregoing share issuance, BEC held 9,000,000 (23.76%) of the 37,872,073 issued and outstanding common shares of the Corporation. In addition, William MacNeill held a further 3,033,333 common shares (8.01%). After giving effect to this transaction, BEC holds an aggregate of 11,550,000 (27.88%) of the 41,422,073 issued and outstanding common shares of the Corporation. Together with the shares held by Mr. MacNeill, an aggregate of 15,083,333 (36.41%) of the issued and outstanding common shares of the Corporation are held by BEC and its joint actors.
The Shares acquired by BEC and by Mr. MacNeill are for investment purposes only and each of BEC and Mr. MacNeill may acquire additional securities of the Corporation, dispose of some or all of the securities that they now own or control, or may continue to hold their current positions. The acquisition of the Shares issued to BEC and to Mr. MacNeill was exempted from securities legislation under Section 2.14 of National Instrument 45-106 - Prospectus and Registration Exemptions. The Common Shares of the Corporation are listed on the NEX under the trading symbol "TEG.H".
FOR FURTHER INFORMATION, PLEASE CONTACT:
BEC International Corp.
#602, 224 - 4th Avenue South
Saskatoon, Saskatchewan S7K 5M5
Tel : (306) 664-4626
SOURCE: Troy Energy Corp.