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VANCOUVER, British Columbia, Feb. 26, 2021 (GLOBE NEWSWIRE) -- Coal Island Ltd. (“Coal Island”), with an address at 310 10991 Shellbridge Way, Richmond, British Columbia, V6X 3C6, announced today that on February 26, 2021, Coal Island disposed (the “Transaction”) of 18,466,827 common shares (the “Common Shares”) of Hudson Resources Inc. (the “Issuer”) at a price of $0.15566 per Common Share for gross aggregate proceeds of $2,874,546. Coal Island disposed of the Common Shares through the facilities of the TSX Venture Exchange. The head office of the Issuer is located at Suite 420 – 1639 West 2nd Avenue, Vancouver, BC, V6J 1H3.
Immediately before the Transaction, Coal Island controlled over 18,466,827 Common Shares and 5,555,556 warrants (the “Warrants”) of the Issuer, representing approximately 10.35% of the issued and outstanding common shares of the Issuer on an undiluted basis and approximately 13.06% of the issued and outstanding common shares of the Issuer on a partially-diluted basis, assuming the exercise of the Warrants. Robert Shields, the Chief Executive Officer of Coal Island, also holds 250,000 options of the Issuer.
After completion of the Transaction, Coal Island controls a total of 0 Common Shares and 5,555,556 Warrants, representing approximately 0% of the issued and outstanding common shares of the Issuer on an undiluted basis and approximately 3.03% of the issued and outstanding common shares of the Issuer on a partially-diluted basis, assuming the exercise of the Warrants. Robert Shields will continue to hold 250,000 options.
Coal Island received $0.15566 per Common Share and aggregate gross consideration of $2,874,546 for the Common Shares.
Coal Island disposed of the Common Shares for investment purposes. Coal Island intends to evaluate its investment in the Issuer and to increase or decrease its beneficial shareholdings from time to time as Coal Island may determine appropriate for investment purposes.
This press release is issued pursuant to early warning requirements of National Instrument 62-104 and National Instrument 62-103, which also requires a report to be filed with regulatory authorities in each of the jurisdictions containing additional information with respect to the foregoing matters (the “Early Warning Report”). A copy of the Early Warning Report will be available under the Company’s SEDAR profile at www.sedar.com and may be obtained by contacting Christine Woodington of Coal Island, at (604) 877- 5350.