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On January 2, Lacombe Ventures Limited, along with its joint participants, Mr. Kenneth Ellerbeck and Mr. Quinn Ellerbeck, announced a significant financial transaction involving the sale of 1,250,000 common shares in North Valley Resources Ltd (CSE: NVR). This transaction was executed through a private deal at a price of $0.001 per share, totaling $1,250.
Lacombe Ventures operates as a holding company based in British Columbia.
The company is jointly led by Mr. Kenneth Ellerbeck, who is also the CEO of North Valley, and Mr. Quinn Ellerbeck, who serves as the CFO of North Valley. Their combined leadership underscores the strategic nature of their investment decisions.
Details of the share disposition
Prior to this transaction, Lacombe and its associated individuals held a total of 5,475,000 common shares, representing approximately 29.96% of the company’s outstanding shares on a partially diluted basis. The shares sold account for about 6.84% of the total outstanding shares. Following the transaction, Lacombe and its joint participants now retain 4,225,000 common shares, equating to about 23.12% of the outstanding shares, indicating a notable decrease in their holdings.
Purpose and future actions
The primary motivation for this share sale was identified as investment purposes. This action aligns with Lacombe’s ongoing strategy to optimize its portfolio. It is important to note that Lacombe Ventures, along with its joint participants, may periodically engage in further acquisitions or dispositions of North Valley’s securities, influenced by market conditions and other pertinent factors.
Regulatory compliance and reporting
This announcement is made in compliance with the requirements outlined in National Instrument 62-103, which pertains to the Early Warning System and issues related to take-over bids and insider reporting. A detailed early warning report will be submitted to the System for Electronic Document Analysis and Retrieval+ (SEDAR+), ensuring transparency and adherence to regulatory standards.
Stakeholders seeking comprehensive information can access the early warning report once filed. They can also find it on North Valley’s SEDAR+ profile or contact Quinn Ellerbeck, CFO of North Valley Resources, via email at [email protected]. North Valley’s headquarters is located at 255 Battle Street West, Kamloops, B.C., V2C 1G8.
It is important to note that this information is not intended for distribution to newswire services in the United States or for dissemination within the U.S. market.
For further insights into this development, the original press release is available at this link.
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