Crest Resources acquires 5.82 million Mariner shares

2020-08-05 17:38 ET – News Release

See News Release (C-CRES) Crest Resources Inc

Mr. Michael Collins of Crest Resources reports

EARLY WARNING NEWS RELEASE ISSUED PURSUANT TO NI 62-103 ACQUISITION OF COMMON SHARES OF MARINER RESOURCES CORP.

On Aug. 5, 2020, Crest Resources Inc. (the acquiror) acquired ownership and control over 5,822,500 common shares of Mariner Resources Corp. (the issuer) at a deemed price of 27.75 cents per common share for consideration of $1,615,744 as proceeds from the sale of the acquiror’s 85-per-cent interest in the True Grit and Middle Ridge North gold properties, located in central Newfoundland, to the issuer pursuant to a property purchase and sale agreement dated July 31, 2020. Prior to the transaction, the acquiror owned and controlled 2.78 million common shares of the issuer, representing 20.90 per cent of the then issued and outstanding common shares of the issuer based on a total of 11.3 million common shares outstanding as of Aug. 4, 2020.

Subsequent to the transaction, the acquiror owned and controlled 8,602,500 common shares of the issuer, representing 42.38 per cent of the then issued and outstanding common shares of the issuer, based on a total of 20.3 million common shares outstanding as of Aug. 5, 2020.

Volatus Capital Corp. and Michael Collins, the president, chief executive officer and a director of both the acquiror and Volatus, are joint actors. The acquiror, together with Mr. Collins and Volatus, owns and controls 9,455,000 common shares of the issuer, representing 46.58 per cent of the issued and outstanding common shares of the issuer, based on a total of 20.3 million common shares outstanding as of Aug. 5, 2020.

The acquiror has acquired the common shares for investment purposes and in accordance with applicable securities laws. The acquiror may, from time to time, acquire additional common shares and/or other equity, debt, or other securities or instruments of the issuer in the open market or otherwise, and reserves the right, subject to applicable securities law, to dispose of any or all of its securities in the open market or otherwise at any time and from time to time, and to engage in similar transactions with respect to the securities, the whole depending on market conditions, the business and prospects of the issuer, and other relevant factors.

A copy of the early warning report dated Aug. 5, 2020, to be filed by the acquiror in connection with the acquisition of the common shares of the issuer will be available on SEDAR under the issuer’s profile. Copies of such reports will also be available from the acquiror upon written request to Crest Resources at 1100, 595 Howe St., Vancouver, B.C., V6C 2T5, telephone: 604-681-3170.

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