0187279 B.C. LTD. ANNOUNCES CONVERSION OF CONVERTIBLE DEBENTURES
VANCOUVER, BRITISH COLUMBIA, CANADA, April 17, 2023/EINPresswire.com/ -- 0187279 B.C. Ltd. (formerly, Linux Gold Corp.) (the “Company”) is pleased to announce that it has converted $188,000 in principal amount of unsecured convertible debentures and all accrued interest (the “Unsecured Debentures”) issued to L5 Capital Inc. (“L5”) and Jason I. Goldman Professional Corporation (“JIGPC”); (together with L5, the “Debentureholders”) on May 13, 2022 to common shares in the capital of the Company (“Common Shares”), with each Debentureholder converting $98,112.20 (the “Conversion”). The Unsecured Debentures were converted at a conversion price of $0.00011 and resulted in the issuance of 1,785,658,182 Common Shares.
Early Warning Report
Prior to the Conversion, L5, a company located in Vancouver, British Columbia held and beneficially owned, or exercised control or direction over 50,203,087 Common Shares and $94,000 in principal amount of Unsecured Debentures convertible into Common Shares at a price of $0.00011 per Common Share representing, together with the 50,203,087 Common Shares, approximately 85.80% of the issued and outstanding Common Shares (on a partially diluted basis). In connection with the Conversion, L5 has converted the Unsecured Debentures including all accrued interest thereon into 892,829,091 Common Shares, representing approximately 44.96% of the Company’s issued and outstanding Common Shares on an undiluted basis. Following the Conversion, L5 holds and beneficially owns and exercises control over 943,032,178 Common Shares, representing approximately 47.49% of the Company’s issued and outstanding Common Shares on an undiluted basis and no longer beneficially owns or controls any Unsecured Debentures.
Prior to the Conversion, JIGPC, a company located in Toronto, Ontario held and beneficially owned, or exercised control or direction over 50,203,087 Common Shares and $94,000 in principal amount of Unsecured Debentures convertible into Common Shares at a price of $0.00011 per Common Share representing, together with the 50,203,087 Common Shares, approximately 85.80% of the issued and outstanding Common Shares (on a partially diluted basis). In connection with the Conversion, JIGPC has converted the Unsecured Debentures including all accrued interest thereon into 892,829,091 Common Shares, representing approximately 44.96% of the Company’s issued and outstanding Common Shares on an undiluted basis. Following the Conversion, JIGPC holds and beneficially owns and exercises control over 943,032,178 Common Shares, representing approximately 47.49% of the Company’s issued and outstanding Common Shares on an undiluted basis and no longer beneficially owns or controls any Unsecured Debentures.
L5 and JIGPC acquired these Common Shares for investment purposes. While L5 and JIGPC currently have no plans or intentions with respect to the Company’s securities, depending on market conditions, general economic and industry conditions, the Company’s business, financial condition, and prospects and/or other relevant factors, each may from time-to-time increase or decrease its ownership, control, or direction over securities of the Company through market transactions, private agreements or otherwise.
For the purpose of National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, copies of the respective early warning reports that will be filed by L5 and JIGPC may be obtained on the Company’s SEDAR profile or by contacting Grant Duthie at 416-869-1234. The Company’s head office is located at 1 Adelaide Street East, Suite 801, Toronto, ON M5C 2V9.
About 01872779 B.C. Ltd.
The Company is a mineral exploration company with no current activities or operations. The Company has ceased to carry on an active business and is presently engaged in identifying and evaluating suitable assets or businesses to acquire or merge with, with a view to maximizing value for shareholders.
On behalf of the Board of Directors
TJ Finch
Chief Executive Officer, Chief Financial Officer, and Director
T: 647-738-8063
E: tj@kilncapitaladvisors.com
Notice Regarding Forward Looking Statements
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. These statements relate to future events or future performance. The use of any of the words “will”, “allow”, “expect”, “may” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current belief or assumptions as to the outcome and timing of such future events. Forward-looking statements address future events and conditions and therefore involve inherent risk and uncertainties. Actual results may differ materially from those currently anticipated in such statement.
Early Warning Report
Prior to the Conversion, L5, a company located in Vancouver, British Columbia held and beneficially owned, or exercised control or direction over 50,203,087 Common Shares and $94,000 in principal amount of Unsecured Debentures convertible into Common Shares at a price of $0.00011 per Common Share representing, together with the 50,203,087 Common Shares, approximately 85.80% of the issued and outstanding Common Shares (on a partially diluted basis). In connection with the Conversion, L5 has converted the Unsecured Debentures including all accrued interest thereon into 892,829,091 Common Shares, representing approximately 44.96% of the Company’s issued and outstanding Common Shares on an undiluted basis. Following the Conversion, L5 holds and beneficially owns and exercises control over 943,032,178 Common Shares, representing approximately 47.49% of the Company’s issued and outstanding Common Shares on an undiluted basis and no longer beneficially owns or controls any Unsecured Debentures.
Prior to the Conversion, JIGPC, a company located in Toronto, Ontario held and beneficially owned, or exercised control or direction over 50,203,087 Common Shares and $94,000 in principal amount of Unsecured Debentures convertible into Common Shares at a price of $0.00011 per Common Share representing, together with the 50,203,087 Common Shares, approximately 85.80% of the issued and outstanding Common Shares (on a partially diluted basis). In connection with the Conversion, JIGPC has converted the Unsecured Debentures including all accrued interest thereon into 892,829,091 Common Shares, representing approximately 44.96% of the Company’s issued and outstanding Common Shares on an undiluted basis. Following the Conversion, JIGPC holds and beneficially owns and exercises control over 943,032,178 Common Shares, representing approximately 47.49% of the Company’s issued and outstanding Common Shares on an undiluted basis and no longer beneficially owns or controls any Unsecured Debentures.
L5 and JIGPC acquired these Common Shares for investment purposes. While L5 and JIGPC currently have no plans or intentions with respect to the Company’s securities, depending on market conditions, general economic and industry conditions, the Company’s business, financial condition, and prospects and/or other relevant factors, each may from time-to-time increase or decrease its ownership, control, or direction over securities of the Company through market transactions, private agreements or otherwise.
For the purpose of National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, copies of the respective early warning reports that will be filed by L5 and JIGPC may be obtained on the Company’s SEDAR profile or by contacting Grant Duthie at 416-869-1234. The Company’s head office is located at 1 Adelaide Street East, Suite 801, Toronto, ON M5C 2V9.
About 01872779 B.C. Ltd.
The Company is a mineral exploration company with no current activities or operations. The Company has ceased to carry on an active business and is presently engaged in identifying and evaluating suitable assets or businesses to acquire or merge with, with a view to maximizing value for shareholders.
On behalf of the Board of Directors
TJ Finch
Chief Executive Officer, Chief Financial Officer, and Director
T: 647-738-8063
E: tj@kilncapitaladvisors.com
Notice Regarding Forward Looking Statements
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. These statements relate to future events or future performance. The use of any of the words “will”, “allow”, “expect”, “may” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current belief or assumptions as to the outcome and timing of such future events. Forward-looking statements address future events and conditions and therefore involve inherent risk and uncertainties. Actual results may differ materially from those currently anticipated in such statement.
TJ Finch
0187279 B.C. Ltd.
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