John Schiavi acquires Common Shares of Colibri Resource Corporation for Investment Purposes
John Schiavi acquires Common Shares of Colibri Resource Corporation for Investment Purposes
NAPLES, FL
,
Aug. 9, 2017
/CNW/ -
John Schiavi
(the "Acquiror") announced today that he has acquired, directly and indirectly, an aggregate of 10,594,135
common shares in Colibri Resource Corporation (the "Issuer") at a deemed price of
$0.165
per common share with an aggregate value of
$1,748,032.28
. The
acquired shares represent 29.19% of the issued and outstanding common shares of the Issuer.
Specifically,
John Schiavi
personally acquired 8,643,922 common shares (23.82% of the outstanding shares of the Issuer) and 1,950,213 common shares (5.37%
of the outstanding shares of the Issuer) through Schiavi Family LLC ("LLC"), a joint actor. Prior to this acquisition, the Acquiror and LLC held no shares of the
Issuer.
The Acquiror and LLC acquired the common shares of the Issuer as a result of a return of capital dividend declared by ONTOP Capital Limited ("ONTOP") to its
shareholders. The Acquiror and LLC are shareholders of ONTOP.
ONTOP acquired the common shares of the Issuer as consideration for the sale of its wholly owned subsidiary, Canadian Gold Resources Ltd., to the Issuer
pursuant to the terms of a share exchange agreement dated
March 10, 2017
(the "Agreement"). Pursuant to the Agreement, the Issuer issued 24,242,425
common shares to ONTOP at a deemed value of
$0.165
per common share (the "Consideration Shares") for a total purchase price of
$4,000,000
. Effective
immediately after closing of the Agreement, ONTOP distributed the Consideration Shares to its shareholders (including the Acquiror and LLC) by way of a return
of capital dividend
The Acquiror, a resident of
Naples, FL
, may be contacted c/o 105 Englehart Street, Suite 700,
Dieppe, New Brunswick
E1A 8K2. The Acquiror acquired these
common shares in the ordinary course of his business and investment activities, and may, from time to time, acquire additional securities of the Company or
dispose of such securities as he deems appropriate.
SOURCE
Colibri Resource Corporation
View original content: http://www.newswire.ca/en/releases/archive/August2017/09/c6374.html
%SEDAR: 00021936E
For further information:
For more information, including a copy of the early warning report filed under applicable Canadian securities laws, please contact
Cawkell Brodie LLP, the agent of the Acquiror at 604-684-3323 or see the Issuer's profile on SEDAR at www.sedar.com.
CO: Colibri Resource Corporation
CNW 19:04e 09-AUG-17