VANCOUVER, British Columbia, Aug. 02, 2019 (GLOBE NEWSWIRE) -- Jimmy Lee of Dubai, UAE, has acquired beneficial ownership of 411,155 stock options ("Stock Options") entitling Mr. Lee to purchase up to 411,155 common shares ("Common Shares") in the capital of Golden Valley Mines Ltd. (the "Issuer") exercisable at a price of $0.35 per Common Share. The Issuer granted Mr. Lee these 411,155 Stock Options on September 30, 2016 under the Issuer's stock option incentive plan and these Stock Options are scheduled to vest on September 30, 2019. Pursuant to Canadian National Instrument 62-104 – Take-Over Bids and Issuer Bids, Mr. Lee is deemed to have acquired beneficial ownership of these securities as of August 1, 2019.
Mr. Lee now has beneficial ownership, direction or control over, an aggregate of 31,880,500 Common Shares and 1,900,129 Stock Options, representing in aggregate approximately 24.86% of the Issuer's issued and outstanding Common Shares, assuming the vesting and exercise of all Stock Options held by Mr. Lee. Prior to the acquisition of these 411,155 Stock Options, Mr. Lee held approximately 24.64% of the Issuer's issued and outstanding Common Shares, assuming exercise of all Stock Options held by Mr. Lee.
The Common Shares and Stock Options are held by Mr. Lee for investment purposes. Mr. Lee's investment in the Issuer will be evaluated and increased or decreased as circumstances warrant, at the discretion of Mr. Lee.
This press release is issued pursuant to Canadian National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues. A copy of an early warning report in the form of Form 62-103F1 – Required Disclosure under the Early Warning Requirements filed by Mr. Lee in connection with such requirements is available under the Issuer's profile at www.sedar.com. Please refer to such report for further information regarding the transaction described in this press release.
Jimmy Lee
PO Box 213889,
P-93 Emirates Hills,
Dubai, UAE