Early Warning Report Issued Pursuant to NI 62-103 - Transaction Involving Common Shares of PowerStone Metals Corp.

Rhea-AI Summary

PowerStone Metals Corp. (CSE: PS) (OTCQB: PWMCF) (FSE: W0R) disclosed that Raymond Harari acquired 130,000 common shares, exceeding 10% ownership, at an average price of $0.06 per share for $7,800. Mr. Harari now holds 9.62% of non-diluted and 10.40% of partially diluted shares, with no immediate plans to buy or sell. The early warning report is available for review on SEDAR+.

Vancouver, British Columbia--(Newsfile Corp. - November 8, 2023) - This press release is being disseminated as required by National Instrument 62-103 - The Early Warning System and Related Take Over Bids and Insider Reporting Issues ("NI 62-103") in connection with the filing of an early warning report by Raymond Harari in connection with a certain transaction involving the common shares ("Common Shares") of PowerStone Metals Corp. (CSE: PS) (OTCQB: PWMCF) (FSE: W0R) (the "Issuer"), with its head office located at 1900 - 1040 West Georgia Street, Vancouver, British Columbia V6E 4H3.

On November 8, 2023 (the "Transaction Date"), an entity controlled by Mr. Harari acquired an aggregate of 130,000 Common Shares through the facilities of the Canadian Securities Exchange (the "CSE") at an average price of $0.06 per share for aggregate consideration of $7,800 (the "Transaction"). This Transaction resulted in Mr. Harari exercising control or direction over more than ten percent (10%) of the Issuer on a partially diluted basis.

Set out below is certain disclosure required to be made in connection with the completion of the Transactions pursuant to Part 3 of NI 62-103.

All percentages set out in this press release are based on 28,650,833 Common Shares being outstanding as of the date hereof.

Prior to the Transaction, Mr. Harari owned and controlled 2,625,000 Common Shares and 250,000 stock options (the "Options"), representing approximately 9.16% of the issued and outstanding Common Shares on a non-diluted basis and approximately 9.95% on a partially diluted basis.

Following the completion of the Transaction, Mr. Harari owns and controls 2,755,000 Common Shares and 250,000 Options, representing approximately 9.62% of the issued and outstanding Common Shares on a non-diluted basis and 10.40% on a partially diluted basis.

All securities of the Issuer owned or controlled by Mr. Harari are held for investment purposes and Mr. Harari has no present intention to dispose of or acquire further Common Shares. In the future, Mr. Harari may, from time to time, increase or decrease its ownership, control or direction over securities of the Issuer held by it through market transactions, private agreements or otherwise, depending on market conditions, the business and prospects of the Issuer, and other relevant factors.

A copy of the early warning report filed by Mr. Harari in connection with the completion of the Transaction may be obtained from Mr. Harari by contacting the Issuer (telephone #: 647-987-5083; Attention: Zachary Goldenberg, Chief Executive Officer) and will be available under Issuer's profile on SEDAR+ at www.sedarplus.ca.

The head office of Mr. Harari is located at PH Credicorp Bank, Piso 24, Calle 50, Panama City, Panama.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/186760

FAQ

What is the ticker symbol of PowerStone Metals Corp.?

The ticker symbol of PowerStone Metals Corp. is CSE: PS, OTCQB: PWMCF, FSE: W0R.

How many common shares did Raymond Harari acquire?

Raymond Harari acquired 130,000 common shares.

At what price did the transaction take place?

The transaction took place at an average price of $0.06 per share.

What percentage of shares does Mr. Harari now hold?

Mr. Harari now holds approximately 9.62% of the issued and outstanding Common Shares on a non-diluted basis and 10.40% on a partially diluted basis.

Where can the early warning report be obtained?

The early warning report can be obtained from Mr. Harari by contacting the Issuer or under Issuer's profile on SEDAR+ at www.sedarplus.ca.