Toronto, Ontario--(Newsfile Corp. - July 13, 2018) - Paul Parisotto of Toronto, Ontario, announces that he has directly acquired ownership and control of 600,000 common shares ("Shares") of Chantrell Ventures Corp. (TSXV: CV.H) (the "Reporting Issuer") at a price of $0.05 per common share as part of a private placement of 5,400,000 Shares by the Reporting Issuer (the "Offering"). In addition, Mr. Parisotto under his role as President, CEO, CFO and Director of the Reporting Issuer, was granted 350,000 stock options exercisable for 350,000 Shares at an exercise price of $0.055 at any time prior to June 11, 2023 ("Options").
Prior to the Offering, Mr. Parisotto had beneficial ownership and control of an aggregate of 3,230,000 Shares, representing approximately 17.35% of the issued and outstanding Shares on a non-diluted basis. Mr. Parisotto also had beneficial ownership and control of 220,000 Options exercisable for 220,000 Shares at a price of $0.06 per Share until January 11, 2021, representing approximately 26.51% of the outstanding Options.
Immediately following the Offering, Mr. Parisotto has beneficial ownership and control of 3,830,000 Shares, which represents approximately 15.95% of the issued and outstanding Shares on a non-diluted basis, and beneficial ownership and control of 570,000 Options, which represents approximately 33.93% of the outstanding Options.
Assuming the exercise of the Options, the Mr. Parisotto would directly and beneficially own and control an aggregate of 4,400,000 Shares, representing approximately 17.90% of the issued and outstanding Shares on a partially-diluted basis.
The Shares and Options directly held by Mr. Parisotto, including those underlying the 600,000 Shares indirectly purchased by Mr. Parisotto, are being held for investment purposes. In the future Mr. Parisotto may, depending on market and other conditions, increase or decrease his beneficial ownership of securities of the Reporting Issuer.
The purchase of these Shares by Mr. Parisotto directly or indirectly were made under the "Accredited Investor" exemption contained in section 2.3 (1) of National Instrument 45-106 Prospectus and Registration Exemptions.
For further information or to obtain a copy of the relevant early warning report, please contact: