RE:RE:RE:RE:RE:Drilling shut down - no money
Shoal Point CEO Jarvis acquires 5.1 million shares
2018-03-14 12:25 ET - News Release
Mr. Mark Jarvis reports
JARVIS ACQUIRES ADDITIONAL OWNERSHIP INTEREST IN SHOAL POINT ENERGY LTD.
Shoal Point Energy Ltd.'s Mark Jarvis and Frioud Holdings Ltd., a company wholly owned and controlled by Mr. Jarvis, have acquired direct or beneficial ownership of an additional 5,100,112 common shares in the capital of Shoal Point pursuant to Shoal Point's rights offering which was completed on March 13, 2018.
The common shares were acquired by the purchasers at a price of five cents per common share. Mr. Jarvis also acted as a standby purchaser to the rights offering pursuant to a standby purchase agreement entered into by Shoal, Mr. Jarvis and certain other individuals, and in consideration for providing a standby commitment, Mr. Jarvis received 750,000 common share purchase warrants.
The rights offering was completed on the Canadian Securities Exchange and details of the rights offering and standby commitment can be found in Shoal's rights offering circular dated Jan. 18, 2018, which is available under Shoal's profile on SEDAR.
Prior to the rights offering, the purchasers beneficially owned or controlled, directly or indirectly, in aggregate, 807,520 common shares representing 3.7 per cent of the 21,770,810 then issued and outstanding common shares, 320,000 options to purchase common shares and 400,000 common share purchase warrants.
Together the purchasers currently hold in aggregate 5,907,632 common shares, representing 13.57 per cent of the 43,541,620 issued and outstanding common shares.
The purchasers have acquired the above noted common shares for investment purposes. The purchasers may in the future take such actions in respect of its holdings in Shoal as they may deem appropriate in light of the circumstances then existing, including the purchase of additional securities of Shoal through open market purchases or privately negotiated transactions or the sale of all or a portion of the purchaser's holdings in the open market or in privately negotiated transactions to one or more purchasers, subject in each case to applicable securities law.
We seek Safe Harbor.