CALGARY, Alberta, April 18, 2019 (GLOBE NEWSWIRE) -- In accordance with the requirements of National Instrument 62-103-The Early Warning System and Related Take-Over Bid and Insider Reporting Issues ("NI 62-103"), Jesse Douglas announces that he directly and indirectly owns and controls 50,099,000 common shares ("Common Shares") in the capital of Wolverine Energy and Infrastructure Inc. ("Wolverine" or the "Company"), which represents approximately 60.36% of the issued and outstanding Common Shares.
This announcement is made in connection with the completion of the plan of arrangement ("Arrangement") on December 21, 2018, pursuant to which the Company acquired all of the common shares of PetroMaroc Corporation ("PetroMaroc") which, at the time of the Arrangement, was a company listed on the TSX Venture Exchange under the symbol "PMA". In connection with, and as a condition of, the Arrangement, Wolverine also sold, by way of brokered private placement, subscription receipts at a price of $1,000 per Subscription Receipt, for aggregate gross proceeds of $5,000,000 (the "Concurrent Financing"). In connection with the Arrangement, Wolverine paid a finder's fee of 130,000 Common Shares at a deemed price of $1.00 per Common Share to a third party agent at the closing of the Arrangement (the "Share Payment").
Immediately prior to the closing of the Arrangement that triggered the requirement for this announcement, Mr. Douglas controlled an aggregate 50,099,000 Common Shares, representing approximately 67.14% of the issued and outstanding Common Shares. Immediately after the closing of the Arrangement, Concurrent Financing and Share Payment, Mr. Douglas controlled 50,099,000 Common Shares, representing approximately 60.46% of the issued and outstanding Common Shares.
As a result of the Arrangement, Wolverine became a reporting issuer under applicable Canadian securities laws.
Mr. Douglas holds the Common Shares for investment purposes and may, in the future, increase or decrease his ownership of Common Shares or other securities of Wolverine, from time to time depending upon, among other things, the business and prospects of Wolverine and future market conditions.
FOR FURTHER INFORMATION OR TO OBTAIN A COPY OF THE EARLY WARNING REPORT FILED UNDER APPLICABLE SECURITIES LEGISLATION IN CONNECTION WITH THE TRANSACTIONS SET FORTH HEREUNDER PLEASE GO TO THE COMPANY'S PROFILE ON SEDAR AT WWW.SEDAR.COM, OR CONTACT JESSE DOUGLAS AT:
1711 – 9 Street
Nisku, Alberta T9E 0R3
Phone: (780) 435-3451