CULIACAN SINALOA, MEXICO--(Marketwired - May 29, 2014) - Ernesto Echavarria (the "Acquiror") wishes to announce that on May 29, 2014, he acquired, by way of a private placement, 6,250,000 units ("Units") of Gainey Capital Corp. (the "Company") at a price of $0.20 per Unit.
Each Unit is comprised of one common share and one share purchase warrant, with each whole warrant exercisable into one common share of the Company for a period of 24 months at an exercise price of $0.30 per share.
The 6,250,000 common shares and 6,250,000 share purchase warrants of the Company acquired by the Acquiror represent approximately 14.6% (basic) and 25.5% (partially diluted, assuming the exercise of the Acquiror's warrants) of the issued and outstanding common shares of the Company. Following the acquisition, the Acquiror owns and controls 6,250,000 common shares and 6,250,000 share purchase warrants of the Company, representing approximately 14.6% (basic) and 25.5% (partially diluted, assuming the exercise of the Acquiror's warrants) of the issued and outstanding common shares of the Company.
The Acquiror acquired the Common Shares pursuant to the private placement for investment purposes. The Acquiror has no present intention to acquire ownership of, or control over, additional securities of the Company, but may choose to acquire additional securities of the Company in the future for investment purposes.
This news release is being issued pursuant to Part 3 of National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues of the Canadian Securities Administrators. A copy of the report filed by the Acquiror in connection with the acquisition of the Units is available on the Company's SEDAR profile, and it can also be obtained directly from the Acquiror by contacting him at 604-687-3520.
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.