AMERSFOORT, Netherlands, June 19, 2020 (GLOBE NEWSWIRE) -- Stichting Depositary Plethora Precious Metals Fund (“Plethora”) announces that on June 18, 2020 it acquired 3,750,000 Units (hereinafter defined) of Megastar Development Corp. (the “Company”) at $0.08 per Unit pursuant to a private placement for gross proceeds of $300,000 (the “Acquisition”). Each “Unit” acquired consists of one common share in the Company (a “Share”) and one-half of common share purchase warrant in the Company (each whole warrant, a “Warrant”). Each Warrant entitles the holder thereof to acquire one Share for $0.12 until June 17, 2022.
Prior to this Acquisition, Plethora owned or controlled 1,901,000 Shares and 2,000,000 common share purchase warrants representing 7.93% of the Company’s issued and outstanding Shares on a partially diluted basis. On an undiluted basis, Plethora’s ownership before the Acquisition represented 4.03% of the Company’s issued and outstanding Shares. Following the Acquisition, Plethora now owns or controls an aggregate 5,651,000 Shares, and 3,875,000 common share purchase warrants, representing 15.21% of the issued and outstanding Shares on a partially diluted basis. On an undiluted basis, Plethora’s ownership after the Acquisition represents 9.62% of the Company’s issued and outstanding Shares.
In satisfaction of the requirements of National Instrument 62-104 – Take-Over Bids and Issuer Bids and National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, an early warning report respecting the acquisition of securities by Plethora will be filed under the Company’s SEDAR Profile at www.sedar.com.
Plethora acquired the Units for investment purposes only, and depending on market and other conditions, Plethora may from time to time in the future increase or decrease their ownership, control or direction over securities of the Company, through market transactions, private agreements, or otherwise.
Plethora is incorporated under the laws of the Netherlands and its head office is located at Prins Hendriklaan 26, 1075HD, Amsterdam, Netherlands. The principal business of Plethora is a Management Fund.
For information, please contact:
Douwe van Hees- Fund Manager
Prins Hendriklaan 26
Phone: +3 16 14 51 46 92
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.