Vancouver, British Columbia–(Newsfile Corp. – May 31, 2021) – 2171117 Ontario Inc. (“117“) announced effective as of May 28, 2021 that it has sold (the “Repurchase“) an aggregate of 360,000 common shares in the capital of 1287396 B.C. Ltd. (“396“) (the “Repurchased Shares“) to 396 for cancellation pursuant to a share repurchase agreement entered into between 117 and 396 on May 28, 2021. The Repurchased Shares were purchased at a price of $0.00003 per Repurchased Share for an aggregate price of $10.80.
Prior to the Repurchase, 117 held 800,000 (26.6%) common shares of 396. As a result of the Repurchase, 117 now holds 360,000 (26.8%) shares of 396.
The Repurchase was conducted in reliance on the “private agreement exemption” in section 4.2 of National Instrument 62-104 – Take-Over Bids and Issuer Bids (“NI 62-104“) and as a result was exempt from the take-over bid requirements in Part 2 of NI 62-104. The Repurchased Shares were purchased from fewer than five sellers and at a price less than 115% of the market price of the Repurchased Shares, in each case as calculated in accordance with NI 62-104.
This news release is issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues. A copy of the early warning report will appear with 396’s documents on the System for Electronic Document Analysis and Retrieval at www.sedar.com.
For further information or to request a copy of the early warning report, please contact:
2171117 Ontario Inc.
Attention: Patrick McBride
Not for distribution to U.S. Newswire Services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. Securities Laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/85925