Chibougamau Independent Mines Inc.

Chibougamau Independent Mines Inc.

April 06, 2015 13:58 ET

Jack Stoch Acquires Warrants of Chibougamau Independent Mines Inc.

TORONTO, ONTARIO--(Marketwired - April 6, 2015) - Jack Stoch, President and a director of Chibougamau Independent Mines Inc. ("CIM") (TSX VENTURE:CBG)(STUT:CLL) announces that he has indirectly acquired 1,000,000 non-transferable common share purchase warrants of CIM. Each common share purchase warrant entitles the holder to purchase one common share of CIM at a price of $0.05 until December 15, 2016. The common share purchase warrants were acquired in connection with a secured loan in the principal amount of $100,000 made by Jack Stoch Geoconsultant Services Limited to CIM.

Immediately following the issuance of the warrants, Jack Stoch and his wife Dianne Stoch, who is also a director of CIM, directly and indirectly own the following CIM securities: (i) 8,259,321 common shares, representing 25.43% of the issued and outstanding common shares of CIM, (ii) common share purchase warrants to acquire up to 1,000,000 common shares, and (iii) stock options in respect of 485,400 common shares. Assuming full exercise of these common share purchase warrants and stock options, Jack Stoch and Dianne Stoch would directly and indirectly own an aggregate of 9,744,721 common shares, representing 28.69% of the CIM common shares that would then be issued and outstanding.

Mr. and Mrs. Stoch acquired the CIM common share purchase warrants described in this press release for investment purposes, and may, in accordance with applicable securities laws, from time to time and at any time, acquire ownership of, or control or direction over, additional securities of CIM in the open market or otherwise, and they reserve the right to dispose of any or all of their CIM securities in the open market or otherwise, at any time and from time to time, and to engage in hedging or similar transactions with respect to the CIM securities, the whole depending on market conditions, the business and prospects of CIM and other relevant factors.

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 the release.

32,477,248 shares issued and outstanding

Contact Information

  • Jack Stoch
    89 Belsize Drive
    Toronto, Ontario
    M4S 1L3
    (819) 797-5242