Business
New Break Resources Announces Closing of Property Acquisition, Grant of Stock Options and Early Warning Notice
Toronto, Ontario--(Newsfile Corp. - June 2, 2023) - New Break Resources Ltd. (CSE: NBRK) ("New Break" or the "Company") is pleased to announce that it has close
About this update from New Break Resources Ltd.
[{"type":"text","content":" Toronto, Ontario--(Newsfile Corp. - June 2, 2023) - New Break Resources Ltd. (CSE: NBRK) (\"New Break\" or the \"Company\") is pleased to announce that it has closed the acquisition of an additional 2,460 hectares of mineral claims contiguous with its Moray property, located approximately 49 km south of Timmins, Ontario and 32 km northwest of the Young-Davidson gold mine operated by Alamos Gold Inc. The acquisition, which increases the Company's land position at Moray to approximately 5,354 hectares, closed on May 23, 2023 through the issuance of 1,500,000 common shares of New Break and aggregate cash payments of $80,000 to the property vendors (see news release dated May 15, 2023). Early Warning Notice of Greater Than 10% Security Holder The Company also announces that in connection with the closing of its non-brokered flow-through financing (the \"F-T Offering\") (see news release June 1, 2023) and in accordance with National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues (\"NI 62-103\"), on May 31, 2023, John Ross and Patricia Quigley (the \"Acquiror\") now beneficially own or exercise control or direction over 10% of the issued and outstanding common shares of the Company (\"Shares\"). Prior to the acquisition of 1,350,000 Shares (the \"Acquisition\") as part of the F-T Offering, the Acquiror beneficially owned or exercised control or direction over 3,948,800 Shares and 187,500 common share purchase warrants (\"Warrants\"), representing 9.21% and 9.61% of the outstanding Shares of the Issuer on an undiluted and partially diluted basis, respectively. After completion of the Acquisition, the Acquiror beneficially owned or exercised control or direction over 5,298,800 Shares and 187,500 Warrants, representing 11.47% and 11.83% of the outstanding Shares of the Issuer on an undiluted and partially diluted basis, respectively. The acquisition of the Shares by the Acquiror was made for investment purposes. Depending on market and other conditions, the Acquiror may from time to time in the future increase or decrease their respective ownership, control or direction over securities of the Company through market transactions, private agreements, or otherwise. As the number of Shares the Acquiror owned or controlled, directly or indirectly now exceeds 10% of the issued and outstandi...