HALIFAX, June 28, 2016 /CNW/ - Wade Dawe ("Dawe"), personally and through holding companies Kelligrew Inc., 0718187 BC Ltd., Brigus Capital Inc. and Wade K. Dawe Inc., acquired ownership of a total of 2,806,168 common shares (the "Common Shares") of Fortune Bay Corp. (the "Issuer") in connection with the Transaction (as hereinafter defined), in accordance with the terms of the transaction agreement dated February 9, 2016 among kneat.com, inc. ("Old Fortune"), Kneat Solutions Limited ("Kneat") and the Issuer, pursuant to which, the Old Fortune has (i) spun-out its resources properties by way of a court-approved plan of arrangement in Ontario (the "Arrangement") resulting in the creation of the Issuer; and (ii) acquired 100% of the issued and outstanding ordinary shares of Kneat by way of a concurrent scheme of arrangement in Ireland (together with the Arrangement, the "Transaction").
In addition, pursuant to the Transaction, Dawe acquired 357,143 warrants ("Warrants") of the Issuer, with each warrant exercisable into a common share of the Issuer.
The Transaction and matters related thereto are described in detail in the management information circular of Old Fortune dated May 13, 2016 available on SEDAR at www.sedar.com under the Issuer's profile.
The 2,806,168 Common Shares acquired represent approximately 15.1% of the Issuer's issued and outstanding Common Shares on a non-diluted basis, and assuming the exercise of the Warrants, Dawe's interest in the Issuer increases to 16.7% on a partially-diluted basis.
The securities of the Company were acquired as a result of the Transaction for investment purposes. Dawe may, depending on market and other conditions, increase or decrease his beneficial ownership of securities of the Issuer, whether in the open market, by privately negotiated agreements or otherwise, subject to a number of factors, including general market conditions and other available investment and business opportunities.
SOURCE Fortune Bay Corp.
For further information: contact Wade Dawe at Fortune Bay Corp., 1969 Upper Water Street, Suite 2001, Purdy's Wharf, Tower II, Halifax, Nova Scotia B3J 3R7.