Michael Gentile Announces Filing of Early Warning Report Related to Acquisition of Common Shares of Magna Terra Minerals Inc

Michael Gentile has announced filing an early warning report regarding his acquisition of 13,955,000 common shares of Magna Terra Minerals in a private transaction.

Rhea-AI Summary

Michael Gentile has announced filing an early warning report regarding his acquisition of 13,955,000 common shares of Magna Terra Minerals in a private transaction. Prior to the acquisition, Gentile owned 2,660,000 shares (approximately 3.20% of the company). Following the transaction, his total ownership increased to 16,615,000 shares, representing approximately 19.99% of the company's issued and outstanding shares on both undiluted and partially diluted basis.

The shares were acquired for investment purposes, with Gentile maintaining a long-term investment view. He may acquire additional securities or sell current holdings in the future depending on market conditions and other factors.

Positive

• Significant increase in ownership stake from 3.20% to 19.99%
• Strategic long-term investment perspective indicated
• Large block acquisition shows confidence in company's value

Negative

• Potential for future share sales could impact stock price
• Concentrated ownership may affect stock liquidity

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Toronto, Ontario--(Newsfile Corp. - December 5, 2024) - Michael Gentile announces that he has filed an early warning report (the "Report") announcing the acquisition (the "Acquisition") of an aggregate 13,955,000 common shares (the "Common Shares") in the capital of Magna Terra Minerals Inc. (the "Company") in a private transaction. Prior to the completion of the Acquisition, Mr. Gentile beneficially owned or controlled, directly or indirectly, an aggregate of 2,660,000 Common Shares, representing approximately 3.20% of the Company's issued and outstanding on an undiluted basis and on a partially diluted basis. Following the completion of the Acquisition, Mr. Gentile beneficially owns and controls, directly or indirectly, an aggregate of 16,615,000 Common Shares representing approximately 19.99% of the Company's issued and outstanding on an undiluted basis and on a partially diluted basis.

The Common Shares were acquired for investment purposes. Mr. Gentile has a long-term view of the investment and may acquire additional securities of the Company either on the open market or through private acquisitions or sell the Common Shares on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.

For further details relating to the Acquisition, please see the Report, a copy of which is available on SEDAR+, or by contacting Michael Gentile at (514) 591-4227.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/232613

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many shares did Michael Gentile acquire in Magna Terra Minerals (BRIOF)?

Michael Gentile acquired 13,955,000 common shares of Magna Terra Minerals in a private transaction.

What is Michael Gentile's total ownership percentage in Magna Terra Minerals (BRIOF) after the acquisition?

After the acquisition, Michael Gentile owns 19.99% of Magna Terra Minerals' issued and outstanding shares on both undiluted and partially diluted basis.

What was Michael Gentile's ownership percentage in Magna Terra Minerals (BRIOF) before the acquisition?

Prior to the acquisition, Michael Gentile owned approximately 3.20% of Magna Terra Minerals' shares.