VANCOUVER, British Columbia, July 04, 2018 (GLOBE NEWSWIRE) -- Select Sands Corp. ("Select Sands" or the "Company") (TSX VENTURE:SNS) (OTC:CLICF) announced today that it has filed an early warning report in respect of its acquisition of 2,635,400 units of Comstock Metals Ltd. ("Comstock") pursuant to the non-brokered private placement completed by Comstock on July 3, 2018. Each unit is comprised of one common share in the capital of Comstock and one common share purchase warrant of Comstock (a "Warrant"). Each Warrant entitles the holder thereof to purchase one additional common share at an exercise price of $0.10 per Share until July 3, 2020. The 2,635,400 units were issued at a price of $0.05 per unit for total consideration of $131,770. After giving effect to the acquisition by the Company of the 2,635,400 common shares, the Company holds common shares of Comstock representing approximately 24.6% of the issued and outstanding common shares of Comstock and after giving effect to the exercise of the warrants the Company's holdings would represent approximately 26.7% of the issued and outstanding common shares of Comstock. Prior to filing this report Select Sands held 20,000,000 common shares representing approximately 25% of the issued and outstanding common shares of Comstock. However, as a result of prior issuances of common shares by Comstock since the date of the Company's acquisition of its 20,000,000 common shares the Company's ownership percentage has decreased from approximately 35.4% as at the date of the Company's previous early warning report.
The Company completed the purchase of units for investment purposes. The Company reviews its holdings from time to time and has no intention of increasing or decreasing its position in Comstock.
This news release is being issued in accordance with National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the filing of an early warning report dated July 4, 2018. The early warning report respecting the Transactions has been filed on System for Electronic Document Analysis and Review ("SEDAR") at www.sedar.com under Comstock's issuer profile. To obtain a copy of the early warning report filed by the Company, please contact Darren Urquhart at (604) 639-4533 or refer to the SEDAR at www.sedar.com under Comstock's issuer profile.
The head office of Select Sands is located at 363 North Sam Houston Parkway, Suite 1050, Houston, TX 77060 and the head office of Comstock is located at Suite 310-850 West Hastings St., Vancouver, BC, V6C 1E1.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this Release
For more information about Select Sands Corp., please visit www.selectsandscorp.com or contact:
Zigurds Vitols
President & CEO
Phone: (604) 639-4533
Investor Relations
Arlen Hansen
SNS@kincommunications.com
Phone: (604) 684-6730