VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 10, 2017) - Marshall Farris announces that on July 7, 2017, pursuant to a purchase made via private placement, he purchased 200,000 units ("Units") of Philippine Metals Inc. (the "Company"), at a price of $0.05 per Unit for an aggregate purchase price of $10,000. Each Unit consists of one common share of the Company and one half of one share purchase warrant. Each whole share purchase warrant entitles the holder to purchase an additional share of the Company at a price of $0.10 per share for a period of two years.
Additionally, Mr. Farris announces that, on July 7, 2017, pursuant to a shares for debt transaction, he acquired 700,000 shares of the Company at a deemed price of $0.05 per share to settle a debt in the amount of $35,000.
Additionally, Mr. Farris announces that, on July 10, 2017, pursuant to a purchase made via the TSX Venture Exchange, he purchased 20,000 common shares of Philippine Metals Inc. (the "Company"), at a price of $0.09 per share for an aggregate purchase price of $1,800.
Additionally, Mr. Farris announces that, on July 10, 2017, he was granted 300,000 stock options in the Company, priced at $0.07, expiring July 10, 2022.
Prior to the acquisitions of the shares noted above, Mr. Farris owned an aggregate 607,598 shares of the Company, representing approximately 10.97% of the Company's issued and outstanding common share capital. Mr. Farris now owns a total of 1,527,598 shares of the Company, representing approximately 14.7% of the issued and outstanding common share capital of the Company.
Should Mr. Farris exercise in full both the share purchase warrants that form part of the Units and the stock options, he will own 1,927,598 shares of the company, representing approximately 15.56% of the Company's then issued and outstanding share capital, assuming no other common shares are issued by the Company.
Mr. Farris has acquired the securities for investment purposes, for the settlement of debt and as executive compensation. He may acquire further securities of the Company for investment purposes, in the market or privately, from time to time.
Mr. Farris filed a previous early warning report with respect to the Company on January 25, 2016. This report is filed due to the fact that the acquisition of securities described above, represent an increase in Mr. Farris' holdings of over 2%.
A copy of the report filed by Mr. Farris in connection with this acquisition is available on the SEDAR website at www.sedar.com or by contacting Mr. Farris at the number shown above.
(signed) "Marshall Farris"
Marshall Farris
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:
604-637-6373