Craig T. Lindsay

July 10, 2017 16:59 ET

Early Warning Report Issued Pursuant to National Instrument 62-103 in Relation to Philippine Metals Inc.

VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 10, 2017) - Craig Lindsay announces that, pursuant to a purchase made via private placement, he purchased, through his wholly owned company, Arbutus Grove Capital Corp., 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. Lindsay announces that, pursuant to a shares for debt transaction, he acquired 900,000 shares of the Company at a deemed price of $0.05 per share to settle a debt in the amount of $45,000.

Additionally, Mr. Lindsay 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 acquisition of the shares noted above, Mr. Lindsay owned an aggregate of 200,000 shares of the Company, representing approximately 3.6% of the Company's issued and outstanding common share capital. Mr. Lindsay now owns a total of 1,300,000 shares of the Company, representing approximately 12.5% of the issued and outstanding common share capital of the Company.

Should Mr. Lindsay exercise in full both the share purchase warrants that form part of the Units and the stock options, he will own 1,700,000 shares of the company, representing approximately 13.72% of the Company's then issued and outstanding share capital, assuming no other common shares are issued by the Company.

Mr. Lindsay 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.

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

Craig T. Lindsay

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

  • Craig T. Lindsay
    4867 Collingwood Street
    Vancouver, BC
    V6S 2B5 Canada
    604-637-6373