Transoceanic Investments Inc. (TSXV: OCEN, OTCQB: OCEEF) announced that chairman Fahad Al-Tamimi has increased his beneficial ownership to 19.43% of the company following a $390,000 acquisition of common shares.
Al-Tamimi purchased 6,000,000 shares at $0.065 per share, excluding brokerage fees and commissions, completing the transaction via private agreement exemption under National Instrument 62-104 from a single seller. The purchase price did not exceed 115% of the market price of the shares, according to the filing.
The acquisition represents approximately 3.54% of Transoceanic's issued and outstanding shares. Prior to the transaction, Al-Tamimi held 26,896,837 shares, or about 15.89% of the company. Following the purchase, his beneficial ownership rose to 32,896,837 shares on a non-diluted basis.
Al-Tamimi also holds 6,980,000 warrants and 1,300,000 stock options exercisable into common shares. On a partially-diluted basis, assuming exercise of all convertible securities, he would own 41,176,837 shares, representing approximately 23.19% of the company.
Transoceanic entered into an agreement with Al-Tamimi acknowledging that exercising his convertible securities could make him a "Control Person" by exceeding 20% ownership. Under the terms, Al-Tamimi agreed not to exercise convertible securities if doing so would push his holdings above 19.9% until shareholder approval is obtained.
The company stated the transaction was made for investment purposes, with no present intention to acquire or dispose of further securities.
Transoceanic is an investment company principally engaged in acquiring and holding positions in investment opportunities mainly in the minerals and materials sector.
