Toronto, Ontario--(Newsfile Corp. - December 23, 2019) - James M. Brady announces that he has filed an early warning report (the "Report") disclosing that on December 19, 2019, he sold (the "Disposition") an aggregate of 25,750,224 common shares (the "Common Shares") of Hornby Bay Mineral Exploration Ltd. ("Hornby Bay") to Frederic Leigh, President and Chief Executive Officer of Hornby Bay, pursuant to the terms of a binding term sheet dated October 9, 2019, between Frederic Leigh, 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.
Prior to the Disposition, Mr. Brady owned an aggregate of 30,232,789 Common Shares representing approximately 28.4% of the issued and outstanding Common Shares. As a result of the Disposition, Mr. Brady's interest in Hornby Bay has been diluted to 4,482,565 Common Shares, representing approximately 4.2% of the issued and outstanding Common Shares.
Mr. Brady may, depending on market and other conditions, increase or decrease his ownership, control or direction over the Common Shares or other securities of Hornby Bay, through market transactions, private agreements, treasury issuances, exercise of convertible securities or otherwise.
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 Disposition, please see the Report, a copy of which is available on Hornby Bay's profile at www.sedar.com.
For further information, please contact:
James M. Brady
245 The Donway West, Suite 513
Toronto, Ontario M3B 3M2
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/51045