Homeland Energy Group Ltd.: Early Warning Report News Release
28.11.2015 | Marketwire
TORONTO, Nov 27, 2015 - Homeland Energy Group Ltd. (NEX:HEG.H) ("Homeland" or the "Company")On November 27, 2015, SRK Energy Ltd. ("SRK") completed the acquisition of 293,215,907 shares of the Company from GMR Energy Ltd. ("GMR") for total cash consideration of $110.00 pursuant to the terms of a private agreement entered into by SRK and GMR (the "Transaction") representing approximately 60.9% of the Company's 472,204,149 issued and outstanding common shares.
>SRK is controlled by Ajay Gupta, the Chief Executive Officer of Homeland. As a result the transaction is an insider bid for the purposes of Multilateral Instrument 61-101. SRK relied on certain exemptions from the requirement to produce a formal valuation pursuant to MI 61-101 on the basis that: SRK acquired in excess of 10 per cent of the outstanding shares; GMR had full knowledge and access to information concerning Homeland and its securities; and, Mr. Gupta is not aware of any material information in respect of Homeland and its securities that has not been generally disclosed and could reasonably be expected to increase the value of the securities.
For the purposes of National Instrument 62-103 early warning reporting, the address of Ajay Gupta is 250 Yonge Street, Suite 2201, Toronto, Ontario, M5B 2L. Prior to the Offering, Mr. Gupta owned 500,000 shares of Homeland representing approximately 0.1% of Homeland's 472,204,149 issued and outstanding common shares. As a result of the purchase of 287,369,107 issued and outstanding shares, Mr. Gupta has ownership of a total of 287,869,107 shares of Homeland representing approximately 61.0% of Homeland's 472,204,149 issued and outstanding common shares.
The Common Shares were acquired for investment purposes only, however, Mr. Gupta will review his holdings from time to time and may increase or decrease his position as future circumstances may dictate.
CAUTIONARY STATEMENT: Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This News Release includes certain "forward-looking statements".
Contact
Ajay Gupta
Homeland Energy Group Ltd.
+1 416 506-1979
info@homelandenergygroup.com