LONDON, Sept. 29, 2023 (GLOBE NEWSWIRE) -- CQS (UK) LLP (“CQS”) in its capacity as discretionary investment manager to certain investors (the “Investors”) filed an early warning report announcing the following:
- On March 7, 2017, CQS, on behalf of the Investors, acquired control or direction over 4,714,000 common shares of Ascendant Resources Inc. (the “Issuer”) (the “Common Shares”) and 2,356,999 common share purchase warrants of the Issuer (the “Warrants”, each a “2017 Warrant”) in the public offering of units (the “Units”) of the Issuer (the “2017 Transaction”). Each Unit is priced at $0.85 per Unit and is comprised of one Common Share and one-half of one 2017 Warrant, each whole 2017 Warrant is exercisable at a price of $1.25 to acquire one Common Share at any time for a period of 60 months from March 7, 2017.
- On November 26, 2020, CQS, on behalf of the Investors, sold 40,000 Common Shares on secondary market (the “2020 Transaction”).
- On May 20, 2022, CQS, on behalf of the Investors, acquired control or direction over 7,500,000 Common Shares in the private placement offering of Common Shares of the Issuer at $0.20 per Common Share (the “2022 Transaction”).
On March 7, 2017, prior to the 2017 Transaction, CQS had control or direction over 9,522,933 Common Shares held by the Investors, which would have represented approximately 19.77% of the issued and outstanding Common Shares as at March 7, 2017. Following the completion of the 2017 Transaction, CQS had control or direction over 14,236,933 Common Shares and 2,356,999 2017 Warrants held by the Investors, which would have represented approximately 22.40% of the issued and outstanding Common Shares as at March 7, 2017 on a partially diluted basis.
On November 26, 2020, prior to the 2020 Transaction, CQS had control or direction over 14,227,933 Common Shares and 2,356,999 2017 Warrants held by the Investors, which would have represented approximately 17.18% of the issued and outstanding Common Shares as at November 26, 2020 on a partially diluted basis. Following the completion of the 2020 Transaction, CQS had control or direction over 14,187,933 Common Shares and 2,356,999 2017 Warrants held by the Investors, which would have represented approximately 17.14% of the issued and outstanding Common Shares as at November 26, 2020 on a partially diluted basis.
On May 20, 2022, prior to the 2022 Transaction, CQS had control or direction over 16,208,100 Common Shares and 1,458,333 Warrants (each, a “2021 Warrant”) held by the Investors, which would have represented approximately 15.63% of the issued and outstanding Common Shares as at May 20, 2022 on a partially diluted basis. Following the completion of the 2022 Transaction, CQS had control or direction over 23,708,100 Common Shares and 1,458,333 2021 Warrants held by the Investors, which would have represented approximately 19.75% of the issued and outstanding Common Shares as at May 20, 2022 on a partially diluted basis. Each 2021 Warrant is exercisable at a price of $0.40 to acquire one Common Share at any time for a period of 24 months from October 27, 2021.
The transactions were made in the ordinary course of business, for investment purposes only and not for the purpose of exercising control or direction over the Issuer. CQS may, on behalf of the Investors, from time to time acquire additional Common Shares or Warrants, dispose of some or all of the existing or additional Shares or Common Shares or may continue to hold the Common Shares or Warrants.
A copy of the early warning report to be filed under applicable securities laws will be available under the Issuer’s SEDAR profile at www.sedar.com. and may be obtained upon request from CQS at 4th Floor, One Strand, London, WC2N 5HR, United Kingdom, from Alan Walsh at +44 20 7201 2484.
