TORONTO, Nov. 18 /CNW Telbec/ - Philip F. Cunningham ("Cunningham"), 801- 80 Richmond St. West, Toronto, Ontario, M5H 2A4, announced today that he has acquired ownership and control over 5,000,000 common shares (the "Shares") of Roxmark Mines Limited ("Roxmark") (TSXV: RMK) pursuant to the exercise of common share purchase warrants. The acquisition was a private transaction. The Shares, which were acquired at an exercise price of $0.10 per Share, represent 3.02% of the current issued and outstanding common shares of Roxmark.
Following completion of the acquisition, Cunningham owns and exercises control over an aggregate of 36,668,000 common shares of Roxmark, representing approximately 22.11% of the current issued and outstanding common shares of Roxmark, as well as 250,000 stock options to acquire common shares of Roxmark. If Cunningham were to exercise such stock options, the 250,000 common shares issued thereunder, together with the 36,668,000 common shares currently held, would represent approximately 22.23% of the issued and outstanding common shares of Roxmark at such time.
The Shares were acquired by Cunningham for investment purposes. Cunningham may, from time to time, increase or decrease his ownership of securities of Roxmark depending upon future market conditions.