Emerald Isle Resources control shifts to Enrico Paolone

Emerald Isle Resources said Enrico Paolone bought 43.1 million shares from Capital Leasing Investment Corp. on Sept. 28, 2026, giving him 86.3% ownership and control of the company. The deal also ended Capital Leasing’s stake and came as Emerald Isle continues to look for new assets or a business to acquire.

Why it matters: - Enrico Paolone now controls Emerald Isle Resources after doubling his stake to 86.3%. - The transaction removes Capital Leasing Investment Corp. from the cap table and marks a major ownership change in a company that has ceased active operations. - The company is still looking for assets or a business to acquire or merge with, so control of the shell could shape its next move.

What happened: - On Sept. 28, 2026, Enrico Paolone bought 43,148,234 common shares from Capital Leasing Investment Corp. under a share purchase agreement dated the same day. - The shares sold for $105,648.24, or about $0.0024485 per share. - The shares represented about 43.150% of Emerald Isle Resources’ outstanding common shares. - Paolone held 43,148,234 shares before the purchase and 86,296,468 shares after it. - Paolone became a control person after the deal. - Paolone is a director, chief executive officer and chief financial officer of Emerald Isle Resources. - Capital Leasing held 43,148,234 shares before the sale and none afterward. - Capital Leasing is beneficially owned and controlled by Vincent Narang.

The details: - The transaction was completed through a private agreement exemption under section 4.2 of National Instrument 62-104. - The shares were bought from one person, the offer was not made generally to shareholders, and there is no published market for the company’s shares. - The company said there was a reasonable basis to conclude the consideration did not exceed 115% of the value of the acquired securities. - All ownership percentages are based on 99,995,500 common shares outstanding. - The transaction was not completed through a marketplace, exchange or quotation system. - Emerald Isle Resources said it has ceased carrying on an active business and continues to evaluate assets or businesses to acquire or merge with. - Capital Leasing also assigned $45,000 principal amount of company debt to Paolone for $45,000 under an agreement dated Sept. 28, 2026. - The company consented to the debt assignment. - Paolone disclosed his interest to the board and abstained from voting. - The debt assignment did not change the company’s aggregate indebtedness, and no securities were issued or are issuable in connection with it.

Between the lines: - Paolone’s move looks like a consolidation of control in a thinly held company with no active business. - Capital Leasing’s exit suggests the ownership change may be tied to a restructuring or future transaction strategy rather than a simple portfolio trade. - Because Emerald Isle is still seeking a new business, control of the company may be more important than the current operations.

What’s next: - Paolone said he acquired the shares for investment purposes and may buy more or sell some or all holdings depending on market conditions, the company’s business and financial condition, securities law and other factors. - Paolone will file an early warning report on SEDAR+ under the company’s profile. - Capital Leasing said it has no present plans to acquire more securities and no longer holds any company securities or debt. - Capital Leasing also plans to file an early warning report on SEDAR+. - The company and Paolone included forward-looking statements about intentions and plans, and said actual results could differ materially.

The bottom line: - Emerald Isle Resources has a new controlling shareholder, and the company’s next corporate move will likely draw close attention from investors watching dormant public shells.