VANCOUVER, British Columbia, Nov. 24, 2017 (GLOBE NEWSWIRE) -- Robert Yurchevich announced today that through a series of trades on November 24, 2017, he has indirectly disposed of ownership and control of 1,200,000 common shares (the "Shares") of Blackhawk Resource Corp. (the "Issuer"), representing approximately 2.91% of the issued and outstanding common shares of the Issuer (on an undiluted basis). Such disposition was made at an average price of $0.1033188 per Share through the facilities of the TSX Venture Exchange for total consideration of $123,982.50.
Prior to the disposition, Mr. Yurchevich had indirect control and ownership over 4,121,000 Shares of the Issuer, representing approximately 10.0033% of the issued and outstanding Shares of the Issuer. As a result of this disposition, Mr. Yurchevich has indirect ownership and control over 2,921,000 Shares of the Issuer, representing approximately 7.09% of the issued and outstanding Shares of the Issuer (on an undiluted basis).
Following the above-mentioned disposition, the resulting beneficial ownership of Mr. Yurchevich has fallen below 10% in respect of the class of securities of the Issuer that was the subject of the most recent report required to be filed by Mr. Yurchevich in respect of the Issuer under National Instrument 62-104 – Take-Over Bids and Issuer Bids and National Instrument 61-103 – The Early Warning System and Related take-Over Bid and Insider Reporting Issues. Accordingly, Mr. Yurchevich will no longer file early warning or insider reports in respect of its ownership of the Issuer's securities except as may be required by applicable law.
After reviewing market and other conditions, Mr. Yurchevich determined to decrease his ownership of Shares of the Issuer pursuant to the transactions described herein. Mr. Yurchevich will review his investment on an ongoing basis and, depending upon such factors that Mr. Yurchevich may, from time to time, deem relevant, Mr. Yurchevich may, among other things: (i) acquire additional securities of the Issuer; (ii) dispose of some or all of the existing or additional securities of the Issuer he holds or will hold; (iii) engage in discussions with representatives of the Issuer concerning, among other things, the Issuer's business plans, and/or the composition of its board of directors and/or management; (iv) seek to appoint nominees to the board of directors of the Issuer or otherwise influence the composition of the board of directors and/or management of the Issuer; (v) pursue an acquisition, merger or similar transaction involving the Issuer; and/or (vi) take such other actions with respect to the Issuer as Mr. Yurchevich may, from time to time, determine appropriate. The Shares were disposed of by Mr. Yurchevich through GenPar (EC4 LP) Holdings Ltd., a corporation controlled by him.
The Issuer's head office is located at Suite 650, 816 – 7 Avenue SW, Calgary, Alberta T2P 1A1. All percentages disclosed herein relating to Mr. Yurchevich's proportionate ownership and control of the issued and outstanding common shares of the Issuer are based on the number of issued and outstanding common shares of the Issuer disclosed in the Issuer's Management's Discussion and Analysis for the year ended June 30, 2017, being 41,196,374 common shares.
This press release is issued pursuant to Multilateral Instrument 62-104 – Take-Over Bids and Issuer Bids and National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues. A copy of an early warning report filed by Mr. Yurchevich in connection with such requirements is available under the Issuer's profile at www.sedar.com. Please refer to such report for further information regarding the transaction described in this press release.
Robert Yurchevich
Suite 213, 1118 Homer Street
Vancouver, British Columbia V6B 6L5