Brian E. Bayley Acquires Shares of Dorset Resources Ltd.

This press release is issued pursuant to National Instrument 62-104 – Take-Over Bids and Issuer Bids and National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues.

Vancouver, British Columbia–(Newsfile Corp. – April 13, 2023) – Carrie Arran Resources Inc. (“Carrie“) completed a spin-out of its Tesla Project into Dorset Resources Ltd. (the “Issuer“) by a Plan of Arrangement under the Canada Business Corporations Act (the “Arrangement“) on April 13, 2023 (the “Effective Date“).

Pursuant to the Arrangement, Carrie distributed common shares of the Issuer (“Dorset Shares“) it received under the Arrangement to holders (“Carrie Shareholders“) of common shares of Carrie (“Carrie Shares“) on a pro rata basis, such that Carrie Shareholders received 0.10 Dorset Share for every 1 Carrie Share held on the Effective Date.

As a result of the Arrangement, Mr. Bayley acquired beneficial ownership of and/or exercise of control or direction over an aggregate 200,000 Dorset Shares representing approximately 16.54% of the issued and outstanding Dorset Shares. Prior to completion of the Arrangement, Mr. Bayley did not beneficially own or control any securities of the Issuer.

The Dorset Shares issued on the Effective Date were distributed pursuant to the Arrangement and no consideration was paid. The Dorset Shares were acquired pursuant to the Arrangement because Mr. Bayley is a Carrie Shareholder and will be held for investment purposes.

The Issuer expects to conduct a private placement of up to 10,000,000 Dorset Shares at a price of $0.015 per Dorset Share for gross proceeds of $150,000 and, as of the date of this press release, Mr. Bayley intends to participate in this private placement whereby he expects to acquire 2,000,000 Dorset Shares. Assuming the private placement is fully subscribed, Mr. Bayley’s aggregate shareholding in Dorset is expected to be 2,200,000 Dorset Shares representing 19.63% of the issued and outstanding Dorset Shares post-closing of the private placement.

A report respecting this acquisition will be electronically filed with the Securities Commission in each jurisdiction where the Issuer is reporting and will be available for viewing on SEDAR at www.sedar.com. To obtain a copy of the report, contact Mr. Bayley at 604-488-5411.

(signed) “Brian E. Bayley”
Brian E. Bayley

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/162354

Advertisement