Toronto, Ontario–(Newsfile Corp. – April 23, 2020) – Michael Stein, a director and Chief Executive Officer of Majesta Minerals Inc. (“Majesta” or the “Company“) announced that effective as of today (the “Closing Date“), WFE Investments Corp. (“WFE“), a company controlled by him, has sold 2,773,824 common shares (the “Sold Shares“) in the capital of the Majesta in a number of private transactions. The Sold Shares represent approximately 19.9% of the issued and outstanding common shares of the Company and were sold at a price of approximately $0.0742 per Sold Share for total consideration of $205,868 (the “Transactions“). As part of the Transactions, WFE was granted an option to repurchase the Sold Shares, in its sole discretion, for the same consideration, should certain events not occur prior to November 30, 2020, pursuant to the terms of an option agreement (the “Option Agreement“).
Prior to the Transactions, Mr. Stein, through WFE, held 5,873,503 common shares, 250,000 stock options and a convertible debenture in the principal amount of $85,000 of the Company, representing approximately 42.2% of the issued and outstanding common shares of the Company on an undiluted basis.
Following the disposition of the Sold Shares, Mr. Stein has direct and indirect ownership through WFE of 3,099,679 common shares, 250,000 stock options, a convertible debenture in the principal amount of $85,000 and the Option Agreement, representing approximately 22.3% of the issued and outstanding common shares of the Company on an undiluted basis and 49.3% on a partially diluted basis if Mr. Stein and WFE converted all of the convertible securities held by them, including the exercise of the Option Agreement.
For further information please contact:
Chief Executive Officer
Not for Distribution in the United States
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/54829
Powered by WPeMatico