HOUSTON, TEXAS--(Marketwired - Feb. 22, 2017) - This press release is being disseminated as required by National Instrument 62-103 - The Early Warning System and Related Take Over and Reporting Issues in connection with the filing of any early warning report dated February 22, 2017 regarding the acquisition of common shares of Savant Explorations Ltd. (TSX VENTURE:SVT) ("Savant") by Patrick McGrath ("McGrath").
As a result of acquisitions made by McGrath from a significant shareholder of Savant (the "Vendor") dated February 22, 2017 and share purchases made as of the same date between certain joint actors of McGrath, being Lutz Klingmann, Jack McClintock and Doug Urch (the "Joint Actors") and the Vendor, McGrath and the Joint Actors acquired a total of 10,043,000 common shares in the capital of the Issuer (the "Acquisition").
Prior to the Acquisition, McGrath held 5,629,000 common shares of Savant, representing 7.23% of the issued and outstanding common shares of Savant and McGrath and the Joint Actors together held an aggregate of 7,546,500 common shares of Savant, representing 9.69% of the issued and outstanding common share of Savant.
As a result of the Acquisition, McGrath and the Joint Actors own and control of an aggregate of 17,589,500 common shares of Savant, representing 22.59% of the issued and outstanding common shares of Savant, of which 13,172,000 common shares of Savant (representing 16.92% of the issued and outstanding common shares of Savant) are owned by McGrath alone (by virtue of McGrath having acquired 7,543,000 common shares of Savant under the Acquisition) and 4,417,500 common shares of Savant (representing 5.67% of the issued and outstanding common shares of Savant) are owned by Joint Actors of McGrath (by virtue of the Joint Actors of McGrath having acquired an aggregate of 2,500,000 common shares of Savant under the Acquisition).
The Acquisition had the effect of increasing common shares in Savant held by McGrath by 9.69% and increasing the total common shares in Savant held by McGrath and the Joint Actors by 12.90%. The total percentage of the aggregate number of common shares of Savant now held by McGrath and the Joint Actors as a result of the Acquisition is 22.59%.
Each of McGrath and the Joint Actors paid to the Vendor $0.02 per common share of Savant acquired from the Vendor under the Acquisition. The total consideration paid by McGrath and the Joint Actors to the Vendor under the Acquisition was $200,860 for an aggregate of 10,043,000 common shares of Savant.
The common shares of Savant acquired by McGrath and the Joint Actors were acquired for the purpose of changing the board of directors and senior management of Savant. McGrath and the Joint Actors may acquire additional common shares of Savant to maintain their current percentage holding and to avoid dilution of their holdings. Savant and the Joint Actors are relying on the private agreement exemption at Section 4.2 of Multilateral Instrument 62-104 - Take-Over Bids and Issuer Bids from the take-over bid requirement in respect of the Acquisition.
A copy of the early warning report with respect to the acquisition may be found on www.sedar.com under the profile of Savant Explorations Ltd. To request a copy of the report, please contact Patrick McGrath at 1-832-499-6009.
Contact Information:
1-832-499-6009