Crest Closes Acquisition of Investment in OCP Holdings Ltd.
CREST RESOURCES INC.
S u i t e 11 00 - 5 95 H o w e S t re e t , V a n c o u v e r , B C V6 C 2 T 5
T ( 6 0 4) 6 8 1- 3 1 7 0, F ( 6 0 4 ) 681 -3552
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NEWS RELEASE
Crest Closes Acquisition of Investment in OCP Holdings Ltd.
Vancouver, B.C. – December 15, 2020 - Crest Resources Inc. (“Crest” or the “Company”) (CSE: CRES)
announces that, further to its news releases of August 6 and December 8, 2020, the Company is pleased
to announce that it has acquired a total of 10,566,667 common shares (36%) of the issued and outstanding
share capital of OCP Holdings Ltd. (formerly Ore Capital Partne rs Ltd.) (“OCP”), a private investment
holding company from each of 1247814 B.C. Ltd., Garry Stock, and Jason Cubitt Holdings Inc., for
consideration of 18,647,123 common shares of the Company at a deemed price of $0.115 per share (the
“Crest Shares”). The Crest Shares are subject to a statutory four month hold period expiring April 25, 2021.
Garry Stock, a director of the Company and also a director of OCP, received 705,885 Crest Shares.
1247814 B.C. Ltd. , a private British Columbia company controlled by E mma Fairhurst (“Fairhurst”), a
consultant to the Company, received 16,000,055 Crest Shares in the transaction . Subsequent to the
transaction, Fairhurst controls 16,750,055 common shares of the Company, representing 26.87% of the
issued and outstanding common shares of the Company based on a total of 62,334,957 common shares
outstanding following the transaction and 25,900,055 common shares or 36.23% assuming exercise of
150,000 stock options and 9,000,000 warrants controlled by Fairhurst. Fairhurst agrees t o vote a
maximum of a 19.9% interest until such time as Fairhurst is diluted below a 20% interest or there is a
shareholder vote to allow a new insider control position which the Company will endeavour to hold at the
next annual or special meeting.
The core assets of OCP are 14,750,001 common shares of Inflection Resources Ltd., a junior resource
company focused on new discoveries in the Lachlan Fold Belt and Croydon goldfield in Australia . OCP
recently on the Canadian Securities Exchange (“CSE”) under t he symbol “AUCU” and has a market
capitalization of $27 million (see www.inflectionresources.com); and 12,038,443 common shares of
Headwater Gold Inc., a private junior resource company with an large portfolio of 100% owned gold
exploration projects in Nevada, Idaho and Oregon (see www.headwatergold.com) which last raised funds
privately at $0.25.
President and CEO Michael Collins comments, “Through the acquisition of the OCP stock we have
exposure to 2 exceptional exploration plays in Australian copper and US south west gold with some of the
smartest explorationists and discovers in our industry. This is transaction is accretive on a share value
basis but hold s significant upside on discover and underlines the type projects that Crest looks to be
involved in.”
About Crest Resources Inc.
Crest Resources Inc. is a British Columbia company listed on the Canadian Securities Exchange under the
symbol CRES. The Company’s principal business activity is the acquisition, exploration and evaluation of
mineral property assets in Canada, Australia and Peru and the investment in mineral exploration
companies and related mining technologies of merit. The Company’s Canadian mineral property assets
include various land and corporate ownership positions within the Exploits Subzone, the newest emerging
district-scale gold exploration and mining district in the province of Newfoundland and Labrador.
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FOR FURTHER INFORMATION CONTACT:
Michael Collins
President and CEO
Crest Resources Inc.
Telephone: 604-681-3170
Neither the Canadian Securities Exchange nor its Regulation Service Provider (as the term is defined in the
policies of the Canadian Securities Exchange) accepts responsibility for the adequac y of accuracy of this
news release.