Toronto, June 7, 2021 - KES 7 Capital Inc. ("KES 7") announces that on June 7, 2021 it acquired 2,852,972 common share purchase warrants of Cuda Oil and Gas Inc. (the "Company") by way of a private placement (the "Private Placement") in satisfaction of fees payable for services rendered in the amount of $270,000. Each warrant entitles the holder to purchase one common share at an exercise price of $0.07 for a term of three years.
Prior to completion of the Private Placement, KES 7 and its joint actors held 3,397,028 common shares and 2,850,000 common share purchase warrants of the Company, which represented 7.5% of common shares outstanding before giving effect to any outstanding warrants and 12.9% of the outstanding common shares assuming the exercise by KES 7 and its joint actors of their warrants. After giving effect to the Private Placement, KES 7 and its joint actors held 3,397,028 common shares and 5,702,972 common share purchase warrants, which represents 7.5% of the common shares outstanding before giving effect to any outstanding warrants and 17.8% of the outstanding common shares assuming the exercise by KES 7 and its joint actors of their warrants.
The warrants were acquired for investment purposes. In the future, KES 7 or any joint actor may, subject to applicable law, acquire or dispose of securities of the Company depending upon a number of factors, including but not limited to general market and economic conditions and other available investment opportunities.
For further information or to obtain a copy of the early warning report, please contact Mark Christensen at 416 926 4387.
KES 7 Capital Inc. 87 Scollard Street, Suite 200 Toronto, ON M5R 1G4
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/86789
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