/EINPresswire.com/ -- NEW YORK, NEW YORK--(Marketwired - Aug 17, 2017) - Drake Private Investments, LLC ("Drake" or the "Company"), announces that on August 1, 2017 the Company acquired ownership, control and direction of 5,998,584 Units (the "Units") of Wellgreen Platinum Limited ("Wellgreen"). Each Unit consists of one common share (the "Shares") and one-half of one common share purchase warrant (the "Warrants"). Each Warrant entitles the holder thereof to purchase one additional common share at an exercise price of CDN$0.35 per Warrant at any time on or before August 8, 2022, before 5:00 p.m. (Vancouver time). The Units were acquired at a price of CDN $0.26 per Unit for aggregate consideration of CDN $1,559,632 by the Company pursuant to a non-brokered private placement which closed on August 8, 2017 (the "Transaction").

Early Warning Report

Prior to the Transaction, the Company had ownership, or direction and control over 14,819,500 Shares and 4,500,000 Warrants of Wellgreen, representing in the aggregate 6.26% of the 236,569,139 issued and outstanding common shares of Wellgreen on a non-diluted basis, and 8.01% on a partially diluted basis. Pursuant to the Transaction, the Company has acquired 5,998,584 Shares and 2,999,292 Warrants. As a result, the Company now has ownership, or direction and control over 20,818,084 Shares and 7,499,292 Warrants representing, in the aggregate 8.79% of the issued and outstanding common shares of Wellgreen on a non-diluted basis, and 11.6% on a partially diluted basis. The Company has acquired the Units for investment purposes, and has no current intention to increase its beneficial ownership of, or control or direction over the securities of Wellgreen. These investments will be reviewed on a continuing basis and holdings may be increased or decreased in the future.

As the number of the common shares the Company has ownership, or direction and control over exceeds 10% of the issued and outstanding common shares of Wellgreen, in satisfaction of the requirements of the National Instrument 62-104 - Take-Over Bids And Issuer Bids and National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, an Early Warning Report respecting the acquisition of Units by the Company will be filed under Wellgreen's SEDAR profile at www.sedar.com.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.