Lacombe Ventures Limited, along with its associates, Mr. Kenneth Ellerbeck and Mr. Quinn Ellerbeck, has announced the sale of 1,250,000 common shares of North Valley Resources Ltd (CSE: NVR). This transaction, conducted through a private arrangement, was executed at a price of $0.001 per share, resulting in total proceeds of $1,250.
Incorporated under British Columbia laws, Lacombe operates as a holding company, jointly owned by Mr.
Kenneth Ellerbeck, who serves as the CEO of North Valley, and Mr. Quinn Ellerbeck, the CFO. Prior to this transaction, Lacombe and its associates held a total of 5,475,000 common shares, representing approximately 29.96% of the total outstanding shares on a partially diluted basis.
Impact of the transaction
The recent sale represents about 6.84% of the outstanding shares, reducing their collective holdings to 4,225,000 common shares, equivalent to roughly 23.12% of the total shares on a partially diluted basis. This change in ownership percentage could potentially influence voting power and strategic decisions within North Valley.
Future outlook
This transaction was primarily executed for investment purposes. Lacombe, along with its partners, may consider acquiring or selling additional securities of North Valley based on market dynamics and other influencing factors. This reflects a strategic decision aimed at optimizing their investment portfolio.
Regulatory compliance
This announcement complies with National Instrument 62-103, which outlines the Early Warning System and associated reporting requirements for take-over bids and insider transactions. An early warning report providing further details will be submitted to the System for Electronic Document Analysis and Retrieval (SEDAR+). Interested parties can access this report via North Valley’s SEDAR+ profile or by contacting Mr. Quinn Ellerbeck directly at [email protected].
North Valley Resources is headquartered at 255 Battle Street West, Kamloops, B.C., V2C 1G8. It is important to note that this information is not intended for distribution to U.S. newswire services or for dissemination within the United States.