TORONTO, July 27, 2020 /CNW/ - Donald K. Johnson, an insider of
Murchison Minerals Ltd. (TSXV: MUR) (the "Issuer")
today announced the acquisition on July 23,
2020 of 4,000,000 common share units
("Units") of the Issuer pursuant to the private
placement of the Issuer disclosed in the Issuer's press release
dated July 24, 2020 and filed on
SEDAR (www.sedar.com). Each Unit consisted of one common share of
the Issuer and one common share purchase warrant of the Issuer,
each warrant entitling the holder to acquire one additional common
share until January 23, 2022 at an
exercise price of $0.12 per
share.
The Units were purchased at a price of $0.065 per Unit for
total consideration of $260,000.
The common shares acquired by Mr. Johnson
represent approximately 5.1% of the issued and outstanding
common shares of the Issuer after the private placement.
Prior to this acquisition, Mr. Johnson directly and indirectly
owned 20,087,162 common shares of the Issuer,
representing approximately 31.1% of the issued and
outstanding common shares of the Issuer
(24,314,829 common shares and 35.3%,
respectively, assuming the exercise of the convertible
securities described below). After the completion of the
private placement, Mr. Johnson now directly and indirectly
owns 24,087,162 common shares representing approximately
31.1% of the issued and outstanding common shares, together
with options and warrants to acquire an aggregate of
8,727,667 common shares of the Issuer. If Mr. Johnson were to
exercise these convertible securities, he would own, directly
and indirectly, 32,814,829 common shares of the Issuer,
representing approximately 37.9% of the Issuer's
outstanding common shares, on a partially diluted basis.
The common shares were acquired for investment purposes. Mr.
Johnson may, from time to time, depending on market and other
conditions, increase or decrease his beneficial ownership,
control or direction over securities of the Issuer through
market transactions, private agreements or otherwise.
This press release is being issued pursuant to National
Instrument 62-103 – The Early Warning System
and Related Take-Over Bid and Insider Reporting Issues
which requires a report to be filed under the Issuer's profile
on SEDAR (www.sedar.com) containing additional information
respecting the foregoing matters. A copy of such
report may be obtained by contacting Erik Martin at Murchison Minerals Ltd., Suite
2500, 120 Adelaide Street West, Toronto, ON M5H 1T1.
SOURCE Donald K. Johnson