Vancouver, BC / ACCESSWIRE / March 7, 2014 / Next Gen Metals Inc. (the "Company" or "N") (CSE: N OTCPink: NXTTF FSE: M5BN) Next Gen Metals Inc. ("N" or the "Company") a diversified company focused on investing in the Medical Marijuana and Industrial Hemp industries announces that Harry Barr of Vancouver, BC, a director and officer of the Company, acquired ownership and control of a total of 626,000 pre and post consolidated shares of N by open market purchase of 556,000 common shares pre-consolidated through the facilities of the TSX Venture Exchange and 70,000 common shares post-consolidated through the Canadian Securities Exchange.
Mr. Barr also reports that all members of the Board of Directors of Pacific North West Capital Corp. ("PFN") exercise deemed control over the voting of the 3,844,445 common shares of N that are held by PFN. As a director, Mr. Barr does not have sole control over the common shares held by PFN, but only participates with both management and the other directors in the decision making with respect to PFN's shares.
There are currently approximately 17,365,946 post consolidated common shares of N issued and outstanding. As a result of Mr. Barr's personal holdings and those of PFN's, Mr. Barr has ownership of, and/or deemed control and direction over, an aggregate (both directly and indirectly) of 6,770,891 common shares of NG on an undiluted basis, representing approximately 39% of the issued and outstanding shares of the Company, and 9,650,891 shares on a fully diluted basis, representing approximately 44% of the fully diluted shares in the Company. Thus, Mr. Barr is a control person and holds a sufficient number of voting shares of the Company to materially affect control of the Company.
The common shares of the Company were acquired for investment purposes and Mr. Barr may purchase additional securities of the Company, either jointly or individually, in the future for investment purposes. A copy of the Early Warning Report filed under applicable Canadian provincial securities legislation in connection with Mr. Barr's shareholdings in N may be found at www.sedar.com under N's profile.
On behalf of the Board of Directors
President & CEO
This News Release contains forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this News Release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents which can be found under the Company's profile on www.sedar.com.
This News Release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
The CSE has neither reviewed or approved the contents of this News Release.