Toronto, Ontario--(Newsfile Corp. - December 23, 2019) - Frederic Leigh (the "Purchaser") announces that he has filed an early warning report (the "Report") disclosing that on December 19, 2019, he acquired ownership and control over an aggregate of 31,467,747 common shares (the "Acquired Shares") of Hornby Bay Mineral Exploration Ltd. ("Hornby Bay"), which together with the Purchaser's existing holdings of 6,350,000 common shares and 2,500,000 common share purchase warrants and assuming the exercise of the warrants, represents approximately 37% of the issued and outstanding common shares of Hornby Bay. The Acquired Shares were purchased pursuant to the terms of a binding term sheet dated October 9, 2019, between the Purchaser, James M. Brady and Beverley Brady in exchange for nominal consideration and in consideration of the repayment of an aggregate of $1,750,000 of an outstanding secured convertible debenture in favour of Mrs. Brady.
The Acquired Shares were acquired for investment purposes. The Purchaser has a long-term view of the investment and may acquire additional common shares of Hornby Bay either on the open market or through private acquisitions or sell the common shares on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.
This press release is being issued pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bids and Insider Reporting Issues in connection with the filing of the Early Warning Report by Mr. Brady.
For further details relating to the acquisition, please see the Report, a copy of which is available on Hornby Bay's profile at www.sedar.com.
For further information, please contact:
65 Queen Street West, Suite 805
Toronto, Ontario M5H 2M5
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/51044