Stephen Dunn Acquires Ownership of Securities of Crown Mining Corp.
Toronto, Ontario--(Newsfile Corp. - June 21, 2019) - Stephen Dunn of Toronto, Ontario, announces that he has directly and indirectly acquired ownership and control of 1,075,000 units ("Units") of Crown Mining Corp. (TSXV: CWM) (the "Reporting Issuer"), with each Unit comprised of one common share in the capital of the Reporting Issuer (each, a "Share") and one Share purchase warrant (each, a "Warrant"), each such Warrant entitling the holder thereof to acquire one additional Share at a price of $0.10 at any time prior to June 17, 2022. The 1,075,000 Units were acquired at a price of $0.06 per Unit as part of a private placement of 2,600,000 Units by the Reporting Issuer (the "Offering").
Prior to the Offering, Mr. Dunn had beneficial ownership and control of an aggregate of 8,463,839 Shares, representing approximately 20.23% of the issued and outstanding Shares on a non-diluted basis. Mr. Dunn also had beneficial ownership and control of 500,000 stock options ("Options") exercisable for 100,000 Options exercisable for 100,000 Shares at a price of $0.10 per Share until February 28, 2020, 100,000 Options exercisable for 100,000 Shares at a price of $0.10 per Share until February 7, 2021, 100,000 Options exercisable for 100,000 Shares at a price of $0.10 per Share until September 24, 2021 and 200,000 Shares at a price of $0.10 per Share until June 17, 2022 representing approximately 12.14% of the outstanding Options. In addition, Mr. Dunn also had beneficial ownership and control of 1,700,000 Warrants exercisable for 1,000,000 Warrants to purchase one additional Share at a price of $0.15 at any time prior to September 5, 2020, 400,000 Warrants to purchase one additional Share at a price of $0.20 at any time prior to October 10, 2020 and 300,000 Warrants to purchase one additional Share at a price of $0.20 at any time prior to January 18, 2021, which represents approximately 17.83% of the outstanding Warrants.
Immediately following the Offering, Mr. Dunn has beneficial ownership and control of 9,538,339 Shares, which represents approximately 21.47% of the issued and outstanding Shares on a non-diluted basis, and beneficial ownership and control of 500,000 Options, which represents approximately 12.14% of the outstanding Options and 2,775,000 Warrants, which represents approximately 22.87% of the outstanding Warrants.
Assuming the exercise of the Options and Warrants, the Mr. Dunn would directly and beneficially own and control an aggregate of 12,813,889 Shares, representing approximately 26.86% of the issued and outstanding Shares on a partially-diluted basis.
The details of Mr. Dunn's interests in the Reporting Issuer following the Offering are as follows:
834669 Ontario Ltd. ("834669"), owns 3,907,239 Shares, or approximately 8.79% of the issued and outstanding Shares on a non-diluted basis. 834669 also holds 875,000 Warrants, or approximately 7.21% of the outstanding Warrants; and
Mr. Dunn is the registered owner of 5,631,100 Shares, or approximately 12.67% of the issued and outstanding Shares on a non-diluted basis. Mr. Dunn holds 500,000 Options, or approximately 12.14% of the outstanding Options. Mr. Dunn also holds 1,900,000 Warrants, or approximately 15.66% of the outstanding Warrants.
Mr. Dunn is the ultimate sole beneficial shareholder of, and exercises complete voting control over, 834669.
The Shares, options and the Warrants directly and indirectly held by Mr. Dunn, including those underlying the 1,075,000 Units indirectly purchased by Mr. Dunn, are being held for investment purposes. In the future Mr. Dunn may, depending on market and other conditions, increase or decrease his beneficial ownership of securities of the Reporting Issuer.
The purchase of these Units by Mr. Dunn directly or indirectly were made under the "Accredited Investor" exemption contained in section 2.3 (1) of National Instrument 45-106 Prospectus and Registration Exemptions.
For further information or to obtain a copy of the relevant early warning report, please contact:
Stephen Dunn
834669 Ontario Ltd.
Telephone: (416) 822-3343
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/45812