VANCOUVER, Sept. 27, 2012 /CNW/ - William M. Sheriff (the "Offeror") announces that on September 27, 2012, pursuant to a private placement
(the "Private Placement"), the Offeror directly acquired ownership of 1,450,000 common shares
(each a "Share") of Redtail Metals Corp. (the "Issuer"). Together with existing holdings, this transaction brought the total
shareholdings of the Offeror to approximately 13.14% of the issued and
outstanding Shares of the Issuer.
In addition, pursuant to the Private Placement, the Offeror acquired
725,000 common share purchase warrants of the Issuer (each, a "Warrant"), each Warrant entitling the Offeror to acquire one additional Share
at a price of $0.15 until September 27, 2013. In the event that the
Warrants are fully exercised, these holdings represent approximately
15.87% of the total issued and outstanding common shares of the Issuer
as of September 27, 2012, calculated on a partially diluted basis
assuming the exercise of the Warrants only.
As a result of the forgoing acquisition, the Offeror owns a total of
3,661,921 Shares, representing approximately 13.14% of the issued and
outstanding Shares of the Issuer. The Offeror also owns warrants
exercisable to acquire up to 902,778 Shares of the Issuer at a price of
$0.30 per Share for 177,778 Shares and $0.15 per Share for 725,000
shares. If the Offeror were to exercise all of his Warrants, he would
then own 4,564,699 Shares of the Issuer, representing approximately
15.87% of the issued and outstanding Shares on a partially diluted
basis, assuming that no further Shares of the Issuer have been issued.
The securities acquired will be held for investment purposes. The
Offeror may, depending on market and other conditions, increase or
decrease his beneficial ownership of the Issuer's securities, 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.
This press release is issued pursuant to Multilateral Instrument 62-104,
which also requires a report to be filed with the B.C. Securities
Commission, the Alberta Securities Commission, and the Ontario
Securities Commission containing additional information with respect to
the foregoing matters.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
SOURCE: William M. Sheriff
For further information:
William M. Sheriff
11th Floor, 888 Dunsmuir Street