TORONTO, ONTARIO--(Marketwired - April 10, 2014) -
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
George Duguay, Allan Ringler and Hage Corporate Services Inc. ("Hage"), jointly announce that as a result of the interest held by Messrs. Duguay and Ringler in Hage, and the receipt by Hage of an additional 750,000 common shares of Black Widow Resources Inc. ("BWR") their respective holdings in BWR have now increased to 19.5% in the case of Mr. Duguay and 10.3% in the case of Mr. Ringler. Hage owns 16.5% of Black Widow. George Duguay and Allan Ringler each have a 50% benefit in the shares received by Hage.
On February 21, 2012, as amended March 2013, BWR and Hage entered into an agreement whereby BWR acquired from Hage a 59.8% interest in 20 patented mineral claims located in Cunningham Township, Province of Ontario (the "Shunsby Agreement"). Pursuant to these arrangements BWR previously issued 2,000,000 common shares to Hage at a value of $200,000 and is obligated to make further payments totaling $300,000 as follows:
- in payment of $150,000 to issue common shares to Hage six months after becoming listed on a recognized public stock exchange; and
- in payment of $150,000 to issue common shares to Hage twelve months after becoming listed on a recognized public stock exchange.
The share issuances to be made in items (i) and (ii) are to be made at Market Price as defined in the Shunsby Agreement, however the total number of shares to be issued in relation to items (i) and (ii) shall not exceed an aggregate maximum of 2,000,000 common shares being a $0.15 issuance price per share. Since the Market Price as defined in the Shunsby Agreement is below the $0.15 issuance price, the 750,000 common shares issued to Hage by BWR satisfy the payment required to be made twelve months after becoming a reporting issuer.
Each of Messrs. Duguay, Ringler and Hage will file an early warning report under National Instrument 62-103, describing the above acquisition. The report will be available with BWR's documents filed at www.sedar.com. In addition, a copy of the reports may be obtained from George Duguay (416) 848-0105.