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TORONTO, Jan. 12, 2024 (GLOBE NEWSWIRE) — Fabiotech Inc. (the “Corporation”) announces that it has filed an early warning report in respect of the disposition of all its shares held in Royal Standard Minerals Inc. (unlisted) (“Royal Standard”). On January 12, 2024, the Corporation entered into a purchase agreement with an arm’s length third party pursuant to which the Corporation sold an aggregate of 504,449 common shares of Royal Standard (the “Royal Standard Shares”) for aggregate consideration of $10,000 (approximately $0.0198 per share) (the “Disposition”).
Immediately prior to giving effect to the Disposition, the Corporation had beneficial ownership of, or control and direction over, 504,449 Royal Standard Shares, representing approximately 30.3% of the number of issued and outstanding Royal Standard Shares on a non-diluted basis (based on there being 1,665,119 Royal Standard Shares outstanding). Immediately after giving effect to the Disposition, the Corporation had beneficial ownership of, or control and direction over, no Royal Standard Shares.
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The Disposition was made solely for investment purposes and the Corporation may from time to time acquire additional securities of Royal Standard or dispose of Royal Standard Shares or may enter into derivative or other transactions with respect to such securities. The Corporation may from time to time increase or decrease its security holdings through market transactions, private agreements or otherwise, subject in each case to applicable securities laws.
This news release is being issued in accordance with National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the filing of an early warning report dated January12, 2024. The early warning report respecting the Disposition has been filed on SEDAR+ (www.sedarplus.ca) under Royal Standard’s issuer profile. To obtain a copy of the early warning report filed by the Corporation, please contact Fabio Chiarelli at (416) 800-2684 or refer to SEDAR+ (www.sedarplus.ca) under Royal Standard’s issuer profile.
For further information on the Corporation please contact:
Fabio Chianelli
President
Telephone: (416) 800-2684
The Corporation’s head office is located at 82 Richmond Street East, Toronto, Ontario M5C 1P1
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