Transcend Capital Inc. ("Transcend"), a company controlled by Etienne Moshevich, has disposed of 2,366,000 common shares of
Atco Mining Inc. (CSE:ATCM) (the "Issuer"), representing approximately 6.68% of the Issuer's current issued and outstanding common shares. Following completion of the transfer, Transcend, and Mr. Moshevich, have ownership and control of 1,690,000 common shares of the Issuer, representing approximately 4.77% of the Issuer's current issued and outstanding common shares, and 625,000 share purchase warrants. Assuming exercise of just the warrants held by Transcend, Mr. Moshevich and Transcend would have ownership and control of 2,315,000 common shares of the Issuer representing approximately 6.42% of the then issued and outstanding common shares. 36,049,125
The shares were disposed of through the Canadian Securities Exchange at a price of $0.11 per share. Transcend disposed of the shares as it intends to use the proceeds to participate in the non-brokered private placement (the "Offering") being conducted by the Issuer, the terms of which were announced in the news release of the Issuer dated August 9, 2023. Transcend intends to invest $285,000 in the Offering and increase its ownership position in the Company by subscribing for 2,850,000 common shares and an additional 2,850,000 share purchase warrants of the Issuer.
"I strongly believe in the future for ATCO" says Etienne Moshevich. "This is why I decided to not only re-invest but to increase my position. I believe we have a clear vision for our future and where we want to get to in the next six to twelve months. We have seen tremendous interest come into other companies based around us in the St. Georges Bay Basin and we hope to capture some of that attention with our upcoming exploration work."
For further information and to obtain a copy of the early warning report filed under applicable Canadian provincial securities legislation in connection with the disposition by Transcend, please go to the Issuer's profile on SEDAR at www.sedarplus.ca, or contact Transcend at et@transcendcapitalinc.com.
The issuance of this news release is not an admission that an entity named in the news release owns or controls any described securities or is a joint actor with another named entity.
