TORONTO, Sept. 30, 2014 /CNW/ - Fortune Future Holdings Limited ("Fortune") issues this press release pursuant to Part 3 – Early Warning Requirements of National Instrument 62-103 - The Early Warning System and Related Takeover Bid and Insider Reporting Issues with respect to Gowest Gold Ltd. (the "Issuer").
On September 30, 2014, Fortune acquired 36,250,000 units of the Issuer (the "Units"), at a price of $0.08 per Unit, for an aggregate purchase price of $2,900,000. Each Unit is comprised of one common share of the Issuer (each, a "Common Share") and one Common Share purchase warrant (a "Warrant"), with each Warrant exercisable to acquire one Common Share of the Issuer at a price of $0.11 for a period of two-years following issuance of the Warrant.
The 36,250,000 Common Shares acquired by Fortune represent 17.03% of the post-acquisition issued and outstanding Common Shares of the Issuer. Immediately following the acquisition, Fortune holds an aggregate of 42,500,000 Common Shares, representing approximately 19.97% of the issued and outstanding Common Shares of the Issuer, and 42,500,000 Warrants.
Following the acquisition, on a partially diluted basis (assuming full exercise of the Warrants held by Fortune), the Issuer will hold 85,000,000 Common Shares, representing approximately 33.29% of the issued and outstanding Common Shares of the Issuer.
Fortune acquired the Units for investment purposes pursuant to a subscription agreement dated June 23, 2014, which was entered into between Fortune and the Issuer. The Common Shares and Warrants were issued to Fortune from the Issuer's treasury. The Units were acquired under the accredited investor exemption under National Instrument 45-106 - Prospectus and Registration Exemptions. Depending on economic or market conditions or matters relating to Issuer, Fortune may choose to either acquire additional securities or dispose of currently held securities of the Issuer.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Fortune Future Holdings Limited
For further information: A copy of the related Early Warning Report may be obtained by contacting Meirong Yuan by telephone at 0086-476-5952103 or by written request mailed to him at Dikan Plaza, Wangfu Street East, Chifeng City, China.