TORONTO, October 23, 2019 - Resurgent Capital Corp. ("Resurgent") announces that today it has acquired ownership and control of an aggregate of 2,090,000 common shares (the "Shares") of Pacific Iron Ore Corp. (the "Issuer"), representing approximately 31.01% of the issued and outstanding Shares, by way of a share purchase agreement with two vendors.
The Shares were purchased at a price of $0.0219 per Share for total cash consideration of $45,710.37. Prior to this transaction, Resurgent owned 660,000 Shares. After giving effect to this transaction, Resurgent owns 2,750,000 Shares, representing approximately 40.81% of the issued and outstanding Shares. Resurgent acquired the Shares for investment purposes and may, from time to time, acquire additional Shares or dispose of some or all of the Shares it currently holds. Resurgent will consider a range of opportunities to maximize shareholder value for the shareholders of the Issuer.
The Shares were acquired pursuant to the private agreement exemption from the formal take-over bid requirements of National Instrument 62-104, on the basis that the Shares were acquired from less than five vendors and there was a reasonable basis to conclude that the purchase price did not exceed 115% of the value of the Shares.
This news release is issued pursuant to the early warning requirements of applicable securities laws. This news release and the related early warning report will be filed on SEDAR at www.sedar.com under the Issuer's profile.
About Resurgent Capital Corp.
Resurgent is a Toronto-based merchant bank whose mission is to catalyze management teams to make meaningful corporate changes for the benefit of shareholders. Resurgent works exclusively with high-potential public and pre-public micro-cap Canadian companies, providing capital and strategic corporate advice. Resurgent is incorporated under the laws of the Province of Ontario.
For further information or to obtain a copy of the related early warning report, please contact: Resurgent Capital Corp.
1 Adelaide Street East, Suite 801
Toronto, Ontario
M5C 2V9
Attn: Joel Freudman, President
Tel: (647) 880-6414
SOURCE: Resurgent Capital Corp.
