VANCOUVER, June 29 /CNW/ - Pursuant to agreements dated March 23, 2010 and June 25, 2010, Hunter Dickinson Inc. ("HDI") purchased 13,308,243 common shares (the "Shares") of Heatherdale Resources Ltd. ("Heatherdale") through several transactions (collectively, the "Transaction") involving thirteen shareholders of Heatherdale (the "Shareholders"). On closing of the Transaction, the Shares were held in escrow and are to be released to the Shareholders, and then transferred to HDI, (each a "Partial Release") in four equal stages on each of the six month, twelve month, eighteen month, and twenty-four month anniversaries of an escrow agreement dated November 17, 2009 between Heatherdale and Computershare Trust Company of Canada.
The purchase price payable by HDI to the Shareholders shall be satisfied by the issuance of such number of common shares (at a price of five dollars per share) in the capital of HDI for each of the Shares as is determined in accordance with a formula based on the lesser of (i) the average daily closing price of the common shares in the capital of Heatherdale on the TSX Venture Exchange for the twenty (20) trading days immediately preceding the relevant Partial Release, and (ii) the average closing price for the period preceding the date of each of the relevant purchase agreements between the parties.
HDI believes that the Shares represent approximately 28% of the issued and outstanding common shares of Heatherdale. HDI will acquire beneficial ownership of the relevant Shares upon each Partial Release of the Shares that form the subject matter of such Partial Release.
HDI has filed an Early Warning Report with the British Columbia Securities Commission in respect of its acquisition of the Shares. Copies of the report may be obtained from SEDAR (www.sedar.com).
SOURCE HUNTER DICKINSON SERVICES INC.
For further information: For further information: Marchand Snyman, Director, 604-684-6365, 1-800-667-2114