EARLY WARNING PRESS RELEASE
HAMILTON, Bermuda, Oct. 10, 2017 (GLOBE NEWSWIRE) -- Till Capital Ltd. (Nasdaq: TIL ) (TSX.V:TIL) (" Till ") announces that warrants (" Warrants ") to purchase 3,000,000 common shares (" Common Shares ") of DeepMarkit Corp. (TSX.V:MKT) ("the " Issuer ") at an exercise price of $0.10 per share previously held by Till, indirectly through a wholly-owned subsidiary, expired unexercised on October 9, 2017. Following expiration of the Warrants, Till has control or direction over 5,532,500 Common Shares and Warrants to purchase 1,500,000 Common Shares of the Issuer. If all of the Warrants held by Till are exercised, and assuming no other exercise of convertible securities of the Issuer, Till would have control and direction over approximately 7.79% (on a partially diluted basis) of the 88,777,733 Common Shares of the Issuer currently outstanding, and as a result, is no longer considered a reporting insider of the Issuer. Prior to the expiration of the Warrants, Till had control and direction over 5,532,500 Common Shares and Warrants to purchase 4,500,000 Common Shares. If all of Till's Warrants were exercised at the time, and assuming no other exercise of convertible securities of the Issuer, Till would have had control and direction over approximately 10.76% of the Issuer's outstanding Common Shares (on a partially diluted basis) as at August 25, 2017.
The Issuer's head office address is located at Suite 100, 750 11 th St. SW, Calgary, Alberta, T2P 3N7, Canada. The Issuer's Common Shares are listed on the TSX Venture Exchange.
Till holds the remaining Common Shares and Warrants for investment purposes and in the future, Till, on its own or through a wholly-owned subsidiary, may acquire additional securities of the Issuer or dispose of such securities subject to a number of factors, including general market and economic conditions and other available investment and business opportunities.
For more information please refer to Till's Early Warning Report (the " Report ") dated October 10, 2017. A copy of the Report is available on the Issuer's SEDAR profile at www.sedar.com or can be obtained from Till at the contact details below.
Neither the TSX Venture Exchange ("TSX-V") nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
For more information communicate with: Till Capital Ltd. 13403 N. Government Way, Suite 212 Hayden, Idaho, USA 83835 Attention: Brian P. Lupien, Chief Financial Officer Telephone No. 208-635-5415
Reported by:
John T. Rickard Director and Chief Executive Officer (208) 635-5415
Till Capital Ltd.
Till Capital Ltd. is a Bermuda-domiciled company with two wholly-owned subsidiaries, Omega Insurance Holdings Inc. and Resource Re Ltd. Omega Insurance Holdings Inc. owns Omega General Insurance Company, a Canadian insurance company offering innovative and customized insurance industry solutions, including fronting and run-off services for insurers/reinsurers, within the Canadian marketplace. Omega Insurance Holdings Inc. also operates Focus Group Inc., a consulting and project management company servicing the local and international needs of its Property Casualty Insurance clients. Resource Re Ltd. is a Bermuda-domiciled reinsurance company regulated by the Bermuda Monetary Authority with a Class 3A insurance license directed to underwrite reinsurance policies within a long term investment strategy. Through its regulated subsidiaries, the Company has been structured to produce underwriting profits as well as above average returns on assets under management.
For additional information:
Till Capital Ltd. (208) 699-6097 info@tillcap.com www.tillcap.com
Cautionary Note At this time, the Company has no current plans to provide earnings guidance due to the volatility of investment returns.
The Till Capital shares are restricted voting shares, whereby no single shareholder of Till Capital is able to exercise voting rights for more than 9.9% of the voting rights of the total issued and outstanding Till Capital shares (the “ 9.9% Restriction ”). However, if any one shareholder of Till Capital beneficially owns, or exercises control or direction over, more than 50% of the issued and outstanding Till Capital shares, the 9.9% Restriction will cease to apply to the Till Capital shares.
This news release shall not constitute an offer to sell or a solicitation of an offer to buy any securities of Till Capital or any other securities, and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful. Trading in the securities of Till Capital should be considered speculative.
Neither the TSX Venture Exchange nor its Regulatory Service Provider (as that term is defined in the policies of the TSX Venture Exchange) nor the Bermuda Monetary Authority accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward Looking Information Except for statements of historical fact, this news release contains certain “forward-looking information” within the meaning of applicable securities laws. These forward-looking statements are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995, and generally can be identified by phrases such as “plan”, “except”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “will”, “could” and other similar words, or statements that certain events or conditions “may” occur. Such forward-looking statements include, but are not limited to, those relating to the filing of the Early Warning Report, and are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, Till Capital assumes no obligation to update forward-looking information should circumstances or management’s estimates or opinions change.
