Derek Macpherson Announces Changes to His Holdings in Gold79 Mines Ltd.

Rhea-AI Summary

Derek Macpherson has acquired 240,000 units of Gold79 Mines (AUSVF) in a private placement that closed on October 9, 2024. Each unit, priced at $0.25, consists of one common share and one-half warrant, with the total purchase amounting to $60,000. The warrants are exercisable at $0.40 per share until October 9, 2026. Following this acquisition, Macpherson and joint actors' ownership decreased from 7.7% to 6.3% of outstanding shares on an undiluted basis. If all warrants and stock options were exercised, their ownership would represent 10.4% on a partially-diluted basis. The securities are subject to a hold period expiring February 10, 2024. Macpherson acquired these securities for investment purposes and may adjust his holdings based on market conditions and other factors.

Positive

• Insider investment of $60,000 in Gold79 Mines
• Potential for increased insider ownership to 10.4% if all warrants and options are exercised

Negative

• Dilution of existing shareholders as insider ownership percentage decreased from 7.7% to 6.3%

Toronto, Ontario--(Newsfile Corp. - October 10, 2024) - Derek Macpherson of Toronto, Ontario acquired personally 240,000 units of Gold79 Mines Ltd. ("Gold79" or the "Company") comprising 240,000 common shares and 120,000 warrants, at a price of $0.25 per unit for a purchase price of $60,000, in a private placement that closed on October 9, 2024. Each unit consists of one common share and one-half common share purchase warrant of the Company. Each whole warrant is exercisable for $0.40 per share until their expiry on October 9, 2026. All securities issued to Mr. Macpherson pursuant to the placement are subject to a statutory hold period which expires February 10, 2024.

Immediately prior to the private placement, Mr. Macpherson and joint actors Kanaga Capital Corp. and Olive Resource Capital Inc. owned 1,725,400 common shares of the Company, representing 7.7% of the then issued and outstanding common shares of the Company. As a result of the private placement, Mr. Macpherson's and joint actors' ownership of the issued and outstanding common shares of the Company decreased from 7.7% to 6.3% on an undiluted basis. In addition, if Mr. Macpherson and joint actors were to exercise all of their warrants and stock options of the Company, they would own 3,374,150 common shares of the Company, representing 10.4% of the issued and outstanding common shares of the Company on a partially-diluted basis, assuming no further common shares of the Company have been issued.

Mr. Macpherson acquired the securities for investment purposes. Mr. Macpherson may, depending on market and other conditions, increase or decrease his beneficial ownership of the Company's securities, whether in the open market, by privately negotiated agreements or otherwise, subject to a number of factors, including general market conditions and other available investment and business opportunities.

The disclosure respecting Mr. Macpherson's shareholdings contained in this press release is made pursuant to National Instrument 62-103 and a copy of the report in respect of the above acquisition will be filed with applicable securities commissions using the Canadian System for Electronic Document Analysis and Retrieval (SEDAR+) and will be available on Gold79's SEDAR+ profile (www.sedarplus.ca). A copy may be obtained by contacting Gold79 as noted under "Contact" below.

For further information regarding this press release contact:
Derek Macpherson, President & CEO of Gold79 Mines Ltd.
Phone: 416-294-6713
Email: dm@gold79mines.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/226341

FAQ

How many units of Gold79 Mines (AUSVF) did Derek Macpherson acquire in the recent private placement?

Derek Macpherson acquired 240,000 units of Gold79 Mines (AUSVF) in the private placement that closed on October 9, 2024.

What is the exercise price and expiry date of the warrants issued to Derek Macpherson in the Gold79 Mines (AUSVF) private placement?

The warrants issued to Derek Macpherson are exercisable at $0.40 per share and expire on October 9, 2026.

How did Derek Macpherson's ownership percentage in Gold79 Mines (AUSVF) change after the private placement?

Derek Macpherson's and joint actors' ownership percentage in Gold79 Mines (AUSVF) decreased from 7.7% to 6.3% on an undiluted basis after the private placement.

What would Derek Macpherson's ownership percentage be in Gold79 Mines (AUSVF) if all warrants and stock options were exercised?

If Derek Macpherson and joint actors were to exercise all their warrants and stock options, they would own 10.4% of the issued and outstanding common shares of Gold79 Mines (AUSVF) on a partially-diluted basis.