Alejandro Gubbins Announces Filing of Early Warning Report
February 13, 2025 5:18 PM EST | Source: Alejandro Gubbins Cox
Medford, Wisconsin--(Newsfile Corp. - February 13, 2025) - As required by applicable securities laws, Alejandro Gubbins Cox announces that he has acquired 6,666,666 subscription receipts (the "Subscription Receipts") of 1504139 B.C. Ltd. ("Finco"), a wholly-owned subsidiary of Green Light Metals Inc. ("GreenLight"), which such Subscription Receipts are convertible into common shares of GreenLight ("GreenLight Shares") and warrants of GreenLight ("GreenLight Warrants"), and 2,500,000 GreenLight Shares from Aquila Resources USA Inc. ("Aquila") pursuant to a share purchase agreement (the "Share Purchase Agreement") with Aquila (the "Aquila Share Acquisition").
Subscription Receipts
On January 30, 2025, Mr. Gubbins acquired the Subscription Receipts at a price of $0.30 per Subscription Receipt for an aggregate purchase price of $1,999,999.80, pursuant to a private placement of Subscription Receipts by Finco. Each Subscription Receipt will be automatically converted, without any further action by the holder of such Subscription Receipt, and for no additional consideration, for one (1) common share of Finco ("Finco Share") and one-half (1/2) of one warrant of Finco (each whole warrant a "Finco Warrant"), upon the satisfaction of certain escrow release conditions (which includes the completion or irrevocable waiver or satisfaction of all conditions precedent to a three-cornered amalgamation between GreenLight and Finco, among others (the "Amalgamation")). Upon the completion of the Amalgamation, all issued and outstanding Finco Shares and Finco Warrants will be exchanged for GreenLight Shares and GreenLight Warrants, such GreenLight Warrants exercisable by the holder thereof to acquire one (1) GreenLight Share at a price of $0.45 for a period of 36 months following the date of issuance (the "Transaction").
Aquila Share Acquisition
On February 3, 2025, Mr. Gubbins completed the Aquila Share Acquisition for an aggregate purchase price of $250,000. In connection with the Aquila Share Acquisition, Mr. Gubbins entered into a lock up agreement with GreenLight on February 3, 2025, whereby he has agreed not to sell, transfer or otherwise dispose of GreenLight Shares for the period commencing on the date the TSX Venture Exchange (the "TSXV") provides final acceptance of the listing of GreenLight Shares on the TSXV (the "Final Exchange Bulletin") until 12 months thereafter, with four equal releases from such restrictions, beginning at the issuance of the Final Exchange Bulletin and each four months thereafter.
After giving effect to the Transaction and the Aquila Share Acquisition, Mr. Gubbins will own directly or indirectly, or exercise control or direction over, 9,166,666 GreenLight Shares and 3,333,333 GreenLight Warrants, representing 14.46% of the outstanding GreenLight Shares before giving effect to any GreenLight Warrants and 18.74% of the outstanding GreenLight Shares assuming the exercise of the GreenLight Warrants held by Mr. Gubbins.
The Subscription Receipts, GreenLight Shares and GreenLight Warrants were acquired for investment purposes. In the future, Mr. Gubbins may, subject to applicable law, acquire or dispose of securities of GreenLight depending upon a number of factors, including but not limited to general market and economic conditions and other available investment opportunities.
This press release is issued pursuant to National Instrument 62-103 - Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the filing of an early warning report, a copy of which can be obtained on the SEDAR+ profile of GreenLight at www.sedarplus.ca.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/240893
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