Evergreen Gaming shareholder Michels acquires shares
2017-06-01 15:53 MT - News Release
Mr. Len Libin reports
ACQUISITION OF EVERGREEN GAMING CORPORATION SHARES
Evergreen Gaming Corp. shareholder Steven Michels on June 1, 2017, through his wholly owned private company Michels Development LLC (MDL), acquired in a private transaction beneficial ownership of seven million common shares of Evergreen Gaming of 8200 Tacoma Mall Blvd., Lakewood, Wash., 98499. The seven million common shares were acquired in exchange for the forgiveness by MDL of $1,440,425 in interest that would have otherwise been payable in connection with a debt obligation owed to MDL. As a result, the seven million common shares were acquired at the effective rate of 20.6 cents per common share. The issuer owns 908,000 common shares out of the 124,716,865 common shares issued, and hence the seven million common shares acquired represent approximately 5.7 per cent of the outstanding common shares of the issuer (5.6 per cent of the issued). Prior to the transaction, the acquiror had control over, but not ownership of, the same seven million common shares acquired. Accordingly, while the acquiror's ownership interest in common shares of the issuer has increased by seven million common shares, the number of shares over which he has control, but not ownership, has decreased by the same number and percentage.
Immediately prior to the transaction, the acquiror had ownership of 11 million common shares of the issuer representing approximately 8.9 per cent of the outstanding common shares of the issuer (8.8 per cent of the issued). Immediately following the transaction, the acquiror had beneficial ownership of 18 million common shares of the issuer representing approximately 14.5 per cent of the outstanding common shares of the issuer (14.4 per cent of the issued).
Immediately prior to the transaction, the acquiror had control over, but not ownership of, 35,747,626 common shares of the issuer representing approximately 28.9 per cent of the outstanding common shares of the issuer (28.7 per cent of the issued). Immediately following the transaction, the acquiror had control over, but not ownership of, 28,747,626 common shares of the issuer representing approximately 23.2 per cent of the outstanding common shares of the issuer (23.1 per cent of the issued).
The acquiror's purpose in acquiring the seven million common shares was to increase his percentage shareholding in the issuer and to receive value for an interest obligation owned to his wholly owned company. The acquiror's common shares of the issuer will be held for investment purposes. The acquiror may, depending on market and other conditions, further increase, or decrease, his beneficial ownership of the issuer's securities, whether in the open market, by privately negotiated agreements or otherwise, subject to a number of factors, including general market conditions and other available investment and business opportunities. The acquiror has no present intention of acquiring or disposing of any additional common shares of the issuer.
This press release is issued pursuant to National Instrument 62-104, which also requires a report to be filed with the B.C. Securities Commission and the Alberta Securities Commission containing additional information with respect to the transaction. To obtain a copy of the report or for further information concerning this announcement, please contact Len Libin, chief executive officer of Evergreen, at 425-282-4172.
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