Mariner closes acquisition of two Nfld. gold properties

2020-08-05 15:32 ET – News Release

Mr. John Williamson reports

MARINER RESOURCES ACQUIRES TRUE GRIT AND MIDDLE RIDGE NORTH GOLD PROPERTIES, NEWFOUNDLAND

Further to its news release dated July 31, 2020, Mariner Resources Corp. has completed the acquisitions of a 100-per-cent interest in the True Grit and Middle Ridge North gold properties, located in central Newfoundland, for consideration of an aggregate seven million common shares of the company. A 2-per-cent net smelter return royalty (NSR) on licence 022031M (being the True Grit property and comprising 18 claims) is due to Stephen Stockley and Mark Stockley, of which the company shall have the right to purchase one-half (1 per cent) for $1-million. The shares are subject to a hold period that expires on Dec. 6, 2020.

One of the vendors of the property is Crest Resources Inc. Crest Resources’ interest in the Middle Ridge North transaction as a vendor is 85 per cent, and it has received 5,822,500 common shares of Mariner as consideration. Crest Resources and all persons acting jointly or in concert with Crest Resources previously held 1.53 million common shares (representing 18.43 per cent of the then issued total shares of Mariner) and now hold a total of 8,602,500 common shares, representing approximately 42.38 per cent of the issued and outstanding shares of Mariner, based on 20.3 million common shares outstanding. Crest Resources intends to hold these shares for investment purposes. Depending on market conditions and other factors, Crest Resources may, from time to time: acquire additional securities of the company; dispose of some or all of the existing or additional securities it holds in the company; or continue to hold its current position.

Additional information concerning the foregoing is contained in the early warning report filed by Crest Resources on SEDAR under the company’s profile.

We seek Safe Harbor.