SJ Strategic Investments, LLC, Gracetree Investments, LLC, Gregory Asset Partners, LLC and the Gregory Irrevocable Equalizing Trust, acting jointly Files Early Warning Report
VANCOUVER, May 28, 2020 /CNW/ - SJ Strategic Investments, LLC, Gracetree Investments, LLC, Gregory Asset Partners, LLC and the Gregory Irrevocable Equalizing Trust, acting jointly (collectively the "Syndicate"), announced that they have filed an early warning report related to the participation of the Syndicate in a private placement offering (the "Offering") of units (the "Units") of Comstock Metals Ltd. (TSX-V:CSL) (the "Issuer"). Under the terms of the Offering, the Syndicate purchased 1,691,240 Units from the Issuer at a price of $0.075 per Unit. Each Unit was comprised of one common share (the "Common Shares") and one share purchase warrant (the "Warrants") entitling the holder to purchase one additional Common Share of the Issuer for a period of 36 months after the closing of the Offering at a price of $0.075.
Upon completion of the Offering, the Syndicate beneficially owns and has control of 4,843,641 Common Shares of the Issuer, as well as Warrants to acquire a further 2,043,640 Common Shares, which represents approximately 28.72% of the issued and outstanding Common Shares as calculated in accordance with National Instrument 62-104 Take-Over Bids and Insider Bids.
The forgoing numbers are reported on a post-consolidation basis with reference to the 5 to 1 share consolidation of the Issuer's issued and outstanding Common Shares on a that was completed on May 26, 2020.
The Units were acquired for investment purposes only by the Syndicate. The Syndicate's view of the Issuer and investment may change, depending on market and other conditions, or as future circumstances may dictate, from time to time. The Syndicate, on an individual or joint basis, may increase or dispose of some or all of their ownership in the Issuer or each may continue to hold its current position.
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 May 27, 2020. A copy of the early warning report relating to the Syndicate's participation in the Offering will be available under the Issuer's profile on the System for Electronic Document Analysis and Review ("SEDAR") at www.sedar.com.
Forward Looking Statements:
This news release includes forward-looking information and statements, which may include, but are not limited to, information and statements regarding or inferring the future business, operations, financial performance, prospects, and other plans, intentions, expectations, estimates, and beliefs of the Syndicate. Forward-looking information and statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Syndicate to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking information and statements herein. Although the Syndicate believes that any forward-looking information and statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such information and statements, there can be no assurance that any such forward-looking information and statements will prove to be accurate, and accordingly readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance upon such forward-looking information and statements. Any forward-looking information and statements herein are made as of the date hereof, and except as required by applicable laws, the Syndicate assumes no obligation and disclaims any intention to update or revise any forward-looking information and statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward looking information and statements herein, whether as a result of new information, future events or results, or otherwise, except as required by applicable laws.
SOURCE SJ Strategic Investments LLC
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