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.
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SOURCE: William M. Sheriff
For further information:
William M. Sheriff
11th Floor, 888 Dunsmuir Street