Fabiotech Announces Acquisition of Shares of Royal Standard Minerals Inc.
TORONTO, June 28, 2023 (GLOBE NEWSWIRE) — Fabiotech Inc. (the “Corporation”) announces that it has filed an early warning report in respect of the acquisition of shares of Royal Standard Minerals Inc. (unlisted) (“Royal Standard”). On June 28, 2023, the Corporation entered into a purchase agreement with an arm’s length third party pursuant to which the Corporation purchased an aggregate of 504,449 common shares of Royal Standard (the “Royal Standard Shares”) aggregate consideration of $10,000 (approximately $0.0198 per share) (the “Acquisition”).
Immediately prior to giving effect to the Acquisition, the Corporation had beneficial ownership of, or control and direction over, no Royal Standard Shares. Immediately after giving effect to the Acquisition, the Corporation had beneficial ownership of, or control and direction over, 504,449 Royal Standard Shares representing approximately 30.3% of the number of issued and outstanding Royal Standard Shares on a non-diluted basis (based on there being 1,665,119 Royal Standard Shares issued and outstanding as of the date hereof).
The Acquisition was made solely for investment purposes and the Corporation may from time to time acquire additional securities of the Royal Standard or dispose of Royal Standard Shares or may enter into derivative or other transactions with respect to such securities. The Corporation may from time to time increase or decrease its security holdings through market transactions, private agreements or otherwise, subject in each case to applicable securities laws.
This news release is being issued in accordance with National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the filing of an early warning report dated June 28, 2023. The early warning report respecting the Acquisition has been filed on SEDAR (www.sedar.com) under Royal Standard’s issuer profile. To obtain a copy of the early warning report filed by the Corporation, please contact Fabio Chianelli at (416) 800-2684 or refer to SEDAR (www.sedar.com) under Royal Standard’s issuer profile.
For further information on the Corporation please contact:
Telephone: (416) 800-2684
The Corporation’s head office is located at 82 Richmond Street East, Toronto, Ontario M5C 1P1
Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. TheTechOutlook.com takes no editorial responsibility for the same.