Brassneck Capital Corp.
TSX VENTURE : BC.P

March 18, 2016 17:26 ET

Connor Cruise Acquires Options to Acquire Common Shares of Brassneck Capital Corp.

SURREY, BRITISH COLUMBIA--(Marketwired - March 18, 2016) -

NOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA

In connection with the initial public offering of 2,739,000 common shares ("Common Shares") in the capital of Brassneck Capital Corp. (the "Corporation") (TSX VENTURE:BC.P), effective March 17, 2016, Connor Cruise (the "Offeror"), as a director and officer of the Corporation, acquired ownership of options ("Options") to acquire 346,950 Common Shares, pursuant to a stock option agreement dated March 17, 2016, such Options being convertible into, on a semi-diluted basis, approximately 4.8% of the issued and outstanding Common Shares. Each Option allows the Offeror to acquire one additional Common Share at an exercise price of $0.10 per share and expire 10 years from the date of grant.

Currently, not taking into account the Options acquired, the Offeror owns, or exercises control over, directly or indirectly, a total of 1,200,000 Common Shares, representing approximately 17.3% of the issued and outstanding Common Shares. Should the Offeror choose to exercise the Options (assuming all of the Options are exercised and converted into Common Shares), the Offeror would own, or exercise control over, directly or indirectly, a total of 1,546,950 Common Shares, representing on a semi-diluted basis, approximately 21.2% of the issued and outstanding Common Shares.

The Options acquired by the Offeror (including any Common Shares acquired upon the exercise of such Options), are for investment purposes and the Offeror may, from time to time on an individual or joint basis, acquire additional securities of the Corporation, dispose of some or all of the existing or additional securities he holds or will hold, or may continue to hold his current position.

A copy of the early warning report in respect of this transaction has been filed with the applicable securities commissions and can be found at www.sedar.com.

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Contact Information

  • Connor Cruise
    Surrey, British Columbia
    (604) 318 - 6804