R. Di Battista Investments Inc.

October 27, 2006 10:51 ET

R. Di Battista Investments Inc.-Pursuant to National Instrument 62-103 in Compliance With Applicable Securities Legislation in: British Columbia, Alberta, Ontario

TORONTO, ONTARIO--(CCNMatthews - Oct. 26, 2006) - R. Di Battista Investments Inc. ("Di Battista") of Toronto, Ontario, announced that it and two other purchasers (collectively, the "Purchasers") have acquired a beneficial interest in 50% of the principal amount of a $1,000,000 convertible debenture of Hedman Resources Limited ("Hedman") (the "Purchased Debenture Interest") through a private transaction. The Purchased Debenture Interest was acquired for $500,000. The Purchased Debenture Interest is convertible into units, each unit comprised of one common share and one warrant, and upon conversion and exercise may result in the Purchasers holding a maximum of up to 20,000,000 common shares of Hedman at a conversion price of $0.05 per share and an exercise price of $0.10 per warrant.

Di Battista currently currents owns or controls an additional 3,500,000 common shares of Hedman. Di Battista, together with the other Purchasers, all of whom may be considered to be acting jointly and in concert with Di Battista, will, upon conversion of the debenture into units and exercise of the warrants underlying such units, own or control 23,500,000 common shares of Hedman, representing 38.26% of the issued and outstanding common shares of the Corporation.

The Purchasers acquired the Purchased Debenture Interest for investment purposes and may purchase additional securities of Hedman in the open market, by private agreement or otherwise subject to their availability at attractive prices, market conditions, applicable laws and other relevant factors.

The Purchasers intend to file a report describing the above transaction with applicable regulators, a copy of which shall be sent promptly to anyone who requests it from the persons noted below.

Contact Information

  • R. Di Battista Investments Inc.
    Romeo DiBattista Sr.
    (416) 633-6918
    (416) 633-8379 (FAX)