January 13, 2017 20:54 ET
PROVOST, ALBERTA--(Marketwired - Jan. 13, 2017) - C.D.R. Development Inc. ("CDR") announced that on January 12, 2016, pursuant to a private transaction, it transferred 2,843,500 common shares (the "Common Shares") of Gulf & Pacific Equities Corp. ("Gulf") to Dwayne Ross, a director, officer and shareholder of CDR, at a deemed price of $0.195 per Common Share for a deemed consideration of $554,482.50.
As a result of its sale of the Common Shares, CDR currently owns and controls 744,871 common shares of Gulf, representing 3.5% of the issued and outstanding common shares of Gulf. Following this disposition of the Common Shares, CDR ceases to be a reporting insider of Gulf. Prior to the transfer of the Common Shares, CDR held 16.85% of the issued and outstanding common shares of Gulf. Mr. Ross and Mrs. Cynthia Ross, in their capacity as shareholders of CDR, may be deemed to exercise control and direction over the Common Shares held by CDR.
The purpose for the transfer by CDR is to diminish potential broker fees of possible future trades of the Common Shares.
Each statement in this press release of the percentage of the issued and outstanding common shares of Gulf owned or controlled by CDR is based on the disclosure of the number of issued and outstanding common shares of Gulf contained in the public disclosure documents filed by Gulf on SEDAR.
An early warning report will be filed by CDR in accordance with applicable Canadian securities laws and will be available under Gulf's profile on SEDAR at www.sedar.com.
C.D.R. Development Inc.Dwayne Ross(780) 753-2097(780) 753-6025 (FAX)firstname.lastname@example.org
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