WFE Investments Corp. Announces Acquisition of Shares of Thunder River Enterprises
Toronto, Ontario--(Newsfile Corp. - June 7, 2021) - WFE Investment Corp. (the "Acquiror"), a company controlled by Michael Stein, announced that it has acquired 10,250,000 units (the "Units") of Thunder River Enterprises Inc. ("Thunder River" or the "Company"), pursuant to the Company's non-brokered private placement financing at a price of $0.01 per Unit for total aggregate consideration of $102,500. Each Unit consists of one common share and one-half of one warrant (each a "Unit Warrant") of the Company. Each whole Unit Warrant is exercisable to acquire one common share at a price of $0.015 until June 7, 2023.
The Acquiror also acquired secured convertible debentures (each a "Debenture") in the aggregate amount of $80,000. The Debentures bear interest at a rate of 10% per annum and have a term of 24 months from the date of issue and are convertible in units (each a "Debenture Units") at a conversion price of $0.01 per Debenture Unit. Each Debenture Unit consists of one common share and one-half of one common share purchase warrant (each a "Debenture Warrant"). Each whole Debenture Warrant is exercisable to acquire one common share at a price of $0.015 until June 7, 2023.
The Acquiror did not previously own any securities of Thunder River. Following the purchase, the Acquiror has current beneficial ownership or exercising director or control over, directly and indirectly 10,250,000 common shares, representing approximately 26.1% of the outstanding shares of Thunder River and up to 27,375,000 common shares assuming the exercise of the Unit Warrants, Debenture Warrants and conversion of the Debentures in full, representing 48.6% of the outstanding shares of Thunder on a partially diluted basis.
The Units and Debentures were purchased for investment purposes. The Acquiror has a long-term view of the investment and may acquire additional common shares of the Company either on the open market or through private acquisitions or sell the common shares on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.
This news release is being issued as required by National Instrument 62-104 - Take-Over Bids and Issuer Bids and relates to the Company and to the Acquiror. A copy of the Early Warning Report can be obtained at www.sedar.com under the Company's company profile. For further information please contact Michael Stein at Tel: 416-410-7722 or Michael.Stein@rogers.com.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/86803