CALGARY, ALBERTA–(Marketwired – April 25, 2017) – Pursuant to the early warning requirements of applicable Canadian securities laws and in connection with Madalena Energy Inc.’s (“Madalena“) ownership of common shares (“Common Shares“) in the capital of Point Loma Resources Ltd. (the “Company“), Madalena reports that, on April 24, 2017, it sold 2,341,806 Common Shares for total gross proceeds of approximately $550,000 (the “Transaction“).
Prior to the Transaction, Madalena beneficially owned or controlled, directly or indirectly, 4,684,314 Common Shares, representing approximately 13.9% of the then current issued and outstanding Common Shares. Immediately after the completion of the Transaction, Madalena beneficially owned or controlled, directly or indirectly, 2,342,508 Common Shares, representing 7.0% of the then current issued and outstanding Common Shares. Madalena may, depending on market and other conditions, increase or decrease its ownership of Common Shares of the Company, whether in the open market, by privately negotiated agreement or otherwise going forward.
For further details regarding the disposition of the Common Shares described above, see the Early Warning Report dated April 25, 2017 available on the Company’s SEDAR profile.