HALIFAX, Nov. 10, 2016 /CNW/ - This press release is being filed as required by National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the filing of an early warning report (the "Early Warning Report") regarding the acquisition of common shares ("Common Shares") of Northwest Arm Capital Inc. (the "Issuer") by Daniel Whittaker ("Mr. Whittaker"). The Issuer's head office is located at Suite 1300-1969 Upper Water Street, Halifax, Nova Scotia, B3J 2V1.
On November 8, 2016, Mr. Whittaker acquired ownership of 300,000 Common Shares of the Issuer pursuant to a private placement of 6,600,000 Common Shares (the "Offering"). The Offering was conducted concurrently with the Issuer's qualifying transaction, which involved the issuance of an additional 4,555,000 Common Shares.
Prior to the Offering, Mr. Whittaker had beneficial ownership and control of an aggregate of 3,500,000 Common Shares, representing approximately 30.70% of the issued and outstanding Common Shares on a non-diluted basis. Following the Offering, Mr. Whittaker owns 3,800,000 Common Shares, representing approximately 16.85% of the issued and outstanding Common Shares on a non-diluted basis. Accordingly, this transaction, taking into account the completion of the Offering and the Issuer's qualifying transaction, resulted in a decrease of Mr. Whittaker's percentage of Common Shares by approximately 13.85%.
Mr. Whittaker paid $0.25 per Common Share for the acquisition, for total cash consideration of $75,000. Mr. Whittaker acquired the Common Shares for investment purposes. Mr. Whittaker will evaluate his investment in the Issuer and may increase or decrease his investment by future acquisitions and dispositions of Common Shares at his discretion, as circumstances warrant. As of the date of this press release, Mr. Whittaker has no immediate future intention to acquire additional Common Shares or dispose of Common Shares that he owns. A copy of the Early Warning Report will be available on www.sedar.com.
SOURCE Northwest Arm Capital Inc.
Image with caption: "Logo: Northwest Arm Capital Inc. (CNW Group/Northwest Arm Capital Inc.) (CNW Group/Northwest Arm Capital Inc.)". Image available at: http://photos.newswire.ca/images/download/20161110_C7941_PHOTO_EN_815304.jpg
For further information: For further information, or to obtain a copy of the Early Warning Report, please contact Daniel Whittaker at 902-488-4700.