Williams also acquired 4,257,754 warrants entitling the holder to acquire one common share of the company at a price of 12 cents for three years. The common shares and warrants were acquired by Mr. Williams pursuant to a placing by the company in conjunction with its admission to the AIM market.
Prior to this acquisition, Williams had ownership of and control over 3,548,128 common shares (assuming the exercise of 887,032 common share purchase warrants), which represented approximately 5% of the company's issued and outstanding common shares.
After the placing acquisition, Williams had ownership of and control over 12,063,636 common shares representing approximately 17% of the company's issued and outstanding common shares and an increase of 12%.
On August 9, Williams acquired 730,000 common shares of the company over the facilities of AIM at a price of seven cents per common share ($51,100 in total). As a result, assuming the exercise of all warrants he holds, Williams currently has ownership of and control over a total of 12,793,636 common shares, representing approximately 18% of the issued and outstanding common shares of the company.
Williams acquired the securities that are the subject of this press release for investment purposes. Depending on market conditions and other factors, Mr. Williams may from time to time acquire and/or dispose of securities of the company or continue to hold his current position.