NAPLES, FL, Aug. 9, 2017 /CNW/ - John
Schiavi (the "Acquiror") announced today that he has
acquired, directly and indirectly, an aggregate of 10,594,135
common shares in Colibri Resource Corporation (the "Issuer") at a
deemed price of $0.165 per common
share with an aggregate value of $1,748,032.28. The acquired shares represent
29.19% of the issued and outstanding common shares of the
Issuer.
Specifically, John Schiavi
personally acquired 8,643,922 common shares (23.82% of the
outstanding shares of the Issuer) and 1,950,213 common shares
(5.37% of the outstanding shares of the Issuer) through Schiavi
Family LLC ("LLC"), a joint actor. Prior to this acquisition,
the Acquiror and LLC held no shares of the Issuer.
The Acquiror and LLC acquired the common shares of the Issuer as
a result of a return of capital dividend declared by ONTOP Capital
Limited ("ONTOP") to its shareholders. The Acquiror and LLC are
shareholders of ONTOP.
ONTOP acquired the common shares of the Issuer as consideration
for the sale of its wholly owned subsidiary, Canadian Gold
Resources Ltd., to the Issuer pursuant to the terms of a share
exchange agreement dated March 10,
2017 (the "Agreement"). Pursuant to the Agreement, the
Issuer issued 24,242,425 common shares to ONTOP at a deemed value
of $0.165 per common share (the
"Consideration Shares") for a total purchase price of $4,000,000. Effective immediately after
closing of the Agreement, ONTOP distributed the Consideration
Shares to its shareholders (including the Acquiror and LLC) by way
of a return of capital dividend
The Acquiror, a resident of Naples,
FL, may be contacted c/o 105 Englehart Street, Suite 700,
Dieppe, New Brunswick E1A
8K2. The Acquiror acquired these common shares in the
ordinary course of his business and investment activities, and may,
from time to time, acquire additional securities of the Company or
dispose of such securities as he deems appropriate.
SOURCE Colibri Resource Corporation