1599597 Ontario Inc.

June 16, 2011 10:07 ET

1599597 Ontario Inc. Announces Stock Accumulation

TORONTO, ONTARIO--(Marketwire - June 16, 2011) - 1599597 Ontario Inc. (the "Purchaser"), announced today that it has acquired ownership and control over an aggregate of 6,642,000 common shares (the "Shares") of URSA Major Minerals Incorporated (the "Company") at an average purchase price of CAD$0.2355 per Share, representing approximately 8.4% of the total outstanding shares of the Company. The Purchaser is indirectly controlled by Mr. Wesley J. Hall.

As a result of the acquisition, the Purchaser now owns and controls an aggregate of 11,642,000 shares, representing approximately 14.7% of the total outstanding shares of the Company. The Purchaser has also acquired the right to vote the Shares at the upcoming annual and special meeting of the Company.

The Purchaser acquired the Shares in the ordinary course of business for investment purposes and may, from time to time, acquire additional securities of the Company or dispose of such securities as it may deem appropriate. The Shares were purchased through the facilities of the Toronto Stock Exchange.

Contact Information

  • Wesley J. Hall
    416-867-4550