2098939 Ontario Inc.

April 07, 2006 17:50 ET

2098939 Ontario Inc. Acquires Interest In Hedman Resources Limited

TORONTO, ONTARIO--(CCNMatthews - April 7, 2006) -

PRESS RELEASE

Pursuant to National Instrument 62-103 in compliance with applicable securities legislation in: British Columbia, Alberta, Ontario

2098939 Ontario Inc. ("2098939") of Toronto, Ontario, announced that it has purchased a $1,000,000 principal amount convertible debenture of Hedman Resources Limited ("Hedman") through a private transaction. The debenture is convertible into units, each unit comprised of one common share and one warrant, and upon conversion and exercise may result in 2098939 holding a maximum of up to 40,000,000 common shares of Hedman at a conversion price of $0.05 per share and an exercise price of $0.10 per warrant.

2098939 currently owns no other securities of Hedman. Mr. Brian Hochman, a director of 2098939, who owns or controls 25,000 common shares of Hedman, may be considered to be acting jointly or in concert with 2098939. Upon conversion of the debenture into units and exercise of the warrants underlying such units, 2098939, together with Mr. Hochman, will own or control 40,025,000 common shares of Hedman, representing 37.6% of the issued and outstanding common shares of the Corporation.

2098939 acquired the debenture of Hedman for investment purposes and may purchase additional securities of Hedman in the open market, by private agreement or otherwise subject to their availability at attractive prices, market conditions, applicable laws and other relevant factors.

2098939 intends to file a report describing the above transaction with applicable regulators, a copy of which shall be sent promptly to anyone who requests it from the persons noted below.

Contact Information

  • 2098939 Ontario Inc.
    Paul Pathak
    (416) 368-6200
    (416) 368-0300 (FAX)
    202 Bentworth Avenue, Toronto, Ontario, M6A 1P8