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TORONTO, Feb. 26, 2021 – ThreeD Capital Inc. (“ThreeD” or the “Company”) (CSE:IDK / OTCQB:IDKFF) a Canadian based venture capital firm that invests in disruptive companies and promising junior resources companies, is pleased to announce that it has acquired ownership and control of an aggregate of 8,889,500 common shares (the “Subject Shares”) and 1,000,000 common share purchase warrants (the “Subject Warrants” and together with the Subject Shares, the “Subject Units”) of Windfall Geotek Inc. (“Windfall”) through a series of transactions ending on February 19, 2021. The Subject Shares represented approximately 10.0% of all issued and outstanding common shares of Windfall as of February 26, 2021 immediately following the transaction described above (or approximately 11.0% on a partially diluted basis, assuming exercise of the Subject Warrants only).
Immediately before the transactions herein, ThreeD did not hold any securities of Windfall.
The Subject Units were acquired through a series of transactions. 1,000,000 Subject Shares and 1,000,000 Subject Warrants were acquired in a private placement and not through the facilities of any stock exchange for aggregate consideration payable of $60,000. The remaining Subject Shares were acquired in the open market through the facilities of the Canadian Securities Exchange for aggregate consideration payable of $1,972,691, or $0.25 per Subject Share. The holdings of securities of Windfall by ThreeD are managed for investment purposes, and ThreeD could increase or decrease their investments in Windfall at any time, or continue to maintain their current investment position, depending on market conditions or any other relevant factor.
The trade was effected in reliance upon the exemption contained in Section 2.3 of National Instrument 45-106 on the basis that ThreeD is an “accredited investor” as defined herein.
About Windfall Geotek
Windfall is an Artificial Intelligence company that has been in business for over 15 years developing its proprietary CARDS analysis (AI) and data mining techniques. Windfall Geotek can count on a multidisciplinary team that includes professionals in geophysics, geology, Artificial Intelligence, and mathematics. It combines available public and private datasets including geophysical, drill hole and surface data. The algorithms designed and employed by Windfall are calculated to highlight areas of interest that have the potential to be geologically similar to other gold deposits and mineralization. The Company’s objective is to develop a new royalty stream by significantly enhancing and participating in the exploration success rate of mining and to continue the Land Mine detection application as a high priority. Windfall has played a part in numerous past discoveries utilizing its methodology as described at: https://windfallgeotek.com/.
About ThreeD Capital Inc.
ThreeD is a publicly-traded Canadian-based venture capital firm focused on opportunistic investments in companies in the junior resources and disruptive technologies sectors. ThreeD’s investment strategy is to invest in multiple private and public companies across a variety of sectors globally. ThreeD seeks to invest in early stage, promising companies where it may be the lead investor and can additionally provide investees with advisory services and access to the Company’s ecosystem.
For further information: |
Lynn Chapman, CPA, CA |
Chief Financial Officer and Corporate Secretary Feldman@threedcap.com |
Phone: 416-941-8900 |
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.
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© Copyright 2022 insidexploration.com | Multimedia and analytical due diligence database for the investing community | Contact us: insidexploration@gmail.com