TORONTO, ONTARIO--(Marketwired - Sept. 16, 2016) - Patrick Sheridan (the "Acquirer") announces that he has acquired ownership and control of 6,205,648 common shares (the "Subject Shares") of Sandy Lake Gold Inc. (the "Company") on September 16, 2016, representing approximately 10.1% of all issued and outstanding common shares of the Company as of such date.
Upon completion of the transaction described above, the Acquirer owns and controls an aggregate of 6,268,148 common shares of the Company (the "Owned Shares"), representing approximately 10.2% of the issued and outstanding common shares of the Company as of September 16, 2016.
Upon completion of the transaction described above, the Acquirer, together with his joint actor, Exploreco International Limited, own and control an aggregate of 7,968,148 common shares of the Company (of which 6,268,148 Owned Shares are owned by the Acquirer directly and 1,700,000 common shares are owned by his joint actor), representing approximately 13% of the issued and outstanding common shares of the Company as of September 16, 2016.
The Subject Shares were acquired pursuant to a distribution effected by GPM Metals Inc. (the "Distribution"), and not through the facilities of any stock exchange. The holdings of securities of the Company by the Acquirer and his joint actor are managed for investment purposes, and the Acquirer and his joint actor could increase or decrease their investments in the Company at any time, or continue to maintain their current investment position, depending on market conditions or any other relevant factor. The Subject Shares were acquired pursuant to the Distribution, in connection with which no consideration was payable by the Acquirer. In connection with the Distribution, the Subject Shares were ascribed a deemed value of C$0.11 per share, or an aggregate deemed value of C$682,621.28. The trade was effected in reliance upon the exemption contained in Section 2.31 of National Instrument 45-106 on the basis of the Distribution.
A copy of the applicable securities report filed in connection with the matters set forth above may be obtained by contacting: