SJ Strategic Investments, LLC, Gracetree Investments, LLC, Gregory Asset Partners, LLC and the Gregory Irrevocable Equalizing Trust, acting jointly, withdraws Offer and files Early Warning Report
VANCOUVER, Sept. 12, 2017 /CNW/ - SJ Strategic Investments, LLC, Gracetree Investments, LLC, Gregory Asset Partners, LLC and the Gregory Irrevocable Equalizing Trust, acting jointly (collectively the "Syndicate"), announced that they have filed an early warning report in respect of the withdrawal of the prior offer to Select Sands Corp. (TSX-V:SNS) ("Select Sands") for the proposed purchase of further common shares (the "Offered Shares") of Comstock Metals Ltd. (TSX-V:CSL) ("Comstock") that are directly or indirectly owned by Select Sands (the "Proposed Transaction").
The decision of the Syndicate to exercise its option to withdraw its offer to purchase the Offered Shares was made in light of the regulatory requirements, time and expense that were to be imposed in order to obtain the additional board representation that the Syndicate sought in connection with the Proposed Transaction. The decision not to proceed with the Proposed Transaction was not, however, made as a result of any due diligence matters uncovered. The Syndicate remains a significant shareholder of Comstock, and its overall view of its current investment, and support for, Comstock remains unchanged.
This news release is being issued in accordance with 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 dated September 12, 2017. A copy of the early warning report relating to the Syndicate's acquisition of the Offered Shares will be available under the Issuer's profile on the System for Electronic Document Analysis and Review ("SEDAR") at www.sedar.com.
In the future, the Syndicate's view of the Issuer and investment may change, depending on market and other conditions, or as future circumstances may dictate, from time to time. The Syndicate, on an individual or joint basis, may increase or dispose of some or all of their ownership in the Issuer that it now holds or will hold or each may continue to hold its current position.
Forward Looking Statements:
This news release includes forward-looking information and statements, which may include, but are not limited to, information and statements regarding or inferring the future business, operations, financial performance, prospects, and other plans, intentions, expectations, estimates, and beliefs of the Syndicate. Forward-looking information and statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Syndicate to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking information and statements herein. The assumptions on which the forward looking statements contained herein rely include the ability to complete the Proposed Transaction. Although the Syndicate believes that any forward-looking information and statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such information and statements, there can be no assurance that any such forward-looking information and statements will prove to be accurate, and accordingly readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance upon such forward-looking information and statements. Any forward-looking information and statements herein are made as of the date hereof, and except as required by applicable laws, the Syndicate assumes no obligation and disclaims any intention to update or revise any forward-looking information and statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward looking information and statements herein, whether as a result of new information, future events or results, or otherwise, except as required by applicable laws.
SOURCE SJ Strategic Investments LLC
For further information: Robert D. Luffman, CPA, CMA, Chief Financial Officer, Gracetree Investments, LLC/Gracetree Properties, LLC, 501 Fifth St., Bristol, TN 37620, USA, [email protected], O: (423) 274-2200, F: (423) 274-2299
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