Business
BE Resources Announces Acquisition of Shares by Executive Officer
Toronto, Ontario--(Newsfile Corp. - November 16, 2018) - BE Resources Inc. (TSXV: BER.H) ("BE ...
About this update from Be Resources Inc
[{"type":"text","content":"BE Resources Announces Acquisition of Shares by Executive OfficerToronto, Ontario--(Newsfile Corp. - November 16, 2018) - BE Resources Inc. (TSXV: BER.H) (\"BE Resources\" or the \"Company\") announces that pursuant to a series of private agreements with certain shareholders of the Company, C. Marrelli Services Limited, a corporation beneficially controlled by Carmelo Marrelli, the Chief Financial Officer of the Company, has acquired a total of 3,656,870 common shares of the Company (\"Common Shares\") for the aggregate price of approximately $110,406.Related Party Transaction and Early Warning ReportImmediately prior to the closing of the First Tranche, Mr. Marrelli beneficially owned 214,653 Common Shares (or approximately 1.1% of the total issued and outstanding Common Shares) The acquisition of 3,656,870 Common Shares by C. Marrelli Services Limited is considered a \"related party transaction\" pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The Company is relying on an exemption from the formal valuation requirements of MI 61-101 available on the basis of the Company not being listed on a specified stock exchange, including the Toronto Stock Exchange, the New York Stock Exchange, the American Stock Exchange, the NASDAQ and certain overseas exchanges. The Company is also relying on the exemption from minority shareholder approval requirements under MI 61-101, as the fair market value of the Common Shares acquired by C. Marrelli Services Limited does not exceed 25% of the market capitalization of the Company, as determined in accordance with MI 61-101.Following the acquisition of Common Shares, Mr. Marrelli beneficially owns 3,871,523 Common Shares (or approximately 19.99% of the total issued and outstanding Common Shares on a partially diluted basis). The Common Shares were acquired by Mr. Marrelli for investment purposes, and depending on market and other conditions, he may from time to time in the future increase or decrease his ownership, control or direction over securities of the Company through market transactions, private agreements, or otherwise. For the purposes of this notice, the address of Mr. Marrelli is 82 Richmond Street East, Toronto, ON M5C 1P1. In satisfaction of the requirements of the National Instrument 62-104 - Take-Over Bids ...