Douglas B. Forster

November 02, 2009 19:08 ET

Douglas B. Forster: Early Warning Report

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 2, 2009) - Douglas B. Forster announces that pursuant to a private placement, on November 2, 2009 he purchased 800,000 units (the "Units") of Edgewater Exploration Ltd. (the "Company"), at a price of $0.05 per Unit, with each Unit consisting of one common share and one share purchase warrant (a "Warrant"). Each Warrant is exercisable into one additional common share, at a price of $0.10 per share, until November 2, 2011. Prior to the purchase of these Units, Mr. Forster owned an aggregate of 540,000 common shares of the Company, representing approximately 4.35% of the Company's issued and outstanding common share capital. Mr. Forster now owns a total of 1,340,000 common shares of the Company, representing approximately 6.73% of the issued and outstanding common share capital of the Company. Upon the exercise of the Warrants in full, Mr. Forster would own 2,140,000 common shares of the Company, or approximately 10.33% of the then issued and outstanding common shares of the Company, assuming no other common shares are issued by the Company. Quarry Capital Corp., of which Mr. Forster is the sole shareholder, purchased 800,000 Units in the private placement and Mr. Forster's spouse, Silvia Heinrich, purchased 400,000 Units in the private placement. Mr. Forster, together with Quarry Capital Corp. and Silvia Heinrich, owns and has control over 3,580,000 common shares in the capital of the Company, representing approximately 17.97% of the issued and outstanding common share capital of the Company. In addition, Mr. Forster, together with Quarry Capital Corp., Silvia Heinrich and an affiliate Featherstone Capital Advisors Inc., owns Warrants exercisable into 2,000,000 common shares and options exercisable into 150,000 common shares, which, if exercised in full, would, together with the common shares set out above, represent approximately 25.96% of the Company's then issued and outstanding common shares, assuming no other common shares of the Company are issued. Mr. Forster has acquired the common shares for investment purposes and may acquire further securities of the Company for investment purposes, in the market or privately, from time to time.

A copy of the report filed by Mr. Forster in connection with this acquisition is available on the SEDAR website at www.sedar.com or by contacting Mr. Forster at the number shown below.

Douglas B. Forster

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Douglas B. Forster
    604-657-1610