CALGARY, AB / ACCESSWIRE / June 3, 2019 / Loomac Management Ltd. has today filed an early warning report dated June 3, 2019 advising of holdings in Shane Resources Ltd. (the "Issuer").
Loomac Management Ltd. did not own any securities in the Issuer prior to the acquisitions referred to below.
On May 27, 2019, Loomac Management Ltd. acquired, pursuant to the conversion of a loan in the amount of $10,000 advanced by Loomac Management Ltd. to the Issuer, 20,000,000 Units at a price of $0.0005 per Unit, each Unit consisting of one Common Share and one Common Share purchase warrant ("Warrant"), with each Warrant entitling the holder to purchase one additional Common Share at an exercise price of $0.002 per share for a period of 60 months from the date of issue.
On May 27, 2019, Loomac Management Ltd. acquired, pursuant to a private placement, beneficial ownership and control of 40,000,000 common shares at a price of $0.0005 per share.
As a result of the above transactions, Loomac Management Ltd. now beneficially owns and controls a total of 60,000,000 common shares which represents 69.37% of the issued common shares of the Issuer. If Loomac Management Ltd. exercises all the Warrants, it would beneficially own 80,000,000 common shares of the Issuer, which would represent approximately 75.12% of the issued and outstanding common shares of the Issuer on a fully diluted basis.
The 20,000,000 Units were acquired by Loomac Management Ltd. pursuant to Section 2.42 of National Instrument 45-106 Prospectus Exemptions ("NI 45-106"); and the 40,000,000 common shares were acquired by Loomac Management pursuant to Section 2.5 of NI 45-106.
Loomac Management Ltd. acquired the Units pursuant to the loan conversion, and the common shares pursuant to the private placement, for investment purposes. Depending upon the circumstances, Loomac Management Ltd. may, from time to time, acquire additional securities of the Issuer or dispose of all or a portion of the securities of the Issuer.
The Early Warning Report has been filed on the System for Electronic Document Analysis and Review ("SEDAR") under the Issuer's profile and can be viewed at www.sedar.com.
FOR FURTHER INFORMATION OR TO OBTAIN A COPY OF THE REPORT REQUIRED BY SECURITIES REGULATIONS, PLEASE CONTACT:
Loomac Management Ltd.
President: Blaine McKearney
Telephone: (403) 251-7382
SOURCE: Loomac Management Ltd.