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TORONTO, July 12, 2019 (GLOBE NEWSWIRE) – This news release is being distributed in accordance with National Instrument 62-103. Early warning system and problems related to takeover bids and insider reports in the context of the filing of alert reports concerning ordinary shares (the "Common stock") in the capital Avicanna Inc. (the"Transmitter"), whose head office address is located at MaRS Center, West Tower, 661 University Avenue, Suite 1300, Toronto, ON, M5G 0B7.
On July 9, 2019, the issuer filed a final detailed prospectus (the "Prospectus") with the Ontario Securities Commission, the British Columbia Securities Commission and the Alberta Securities Commission Immediately before and immediately after the filing of the prospectus, the The issuer had 19,765,978 common shares issued and outstanding on an undiluted basis.
The filing of the prospectus imposed on each of Aras Azadian, Setu Purohit and Kyle Langstaff (collectively, the "Buyers") to file a quick alert report Immediately after the filing of the prospectus: (i) Mr. Azadian directly owned and controlled 2,534,107 common shares, representing approximately 12.82% of the issued and outstanding common shares of the Company. issuer (ii) Mr. Purohit directly and indirectly owning and controlling 2,570,952 common shares representing approximately 13.01% of the issued and outstanding common shares of the issuer on an undiluted and partially diluted basis and (iii) ) Mr. Langstaff directly owned and controlled 2,418,333 common shares, representing approximately 12.23% of the issued and outstanding common shares of the issuer, on an undiluted and partially diluted basis.
On November 26, 2016, Mr. Azadian acquired 2,168,334 common shares at a price of $ 0.00001 per common share, for a total purchase price of $ 21.68. On October 31, 2017, Mr. Azadian acquired 59,523 common shares at a price of $ 0.70 per common share for an aggregate purchase price of $ 41,666.10. On January 31, 2018, Mr. Azadian acquired 6,250 common shares at a price of $ 2.00 per common share, for an aggregate purchase price of $ 12,500.00. On January 14, 2019, Mr. Azadian acquired 300,000 common shares at a price of $ 0.10 common stock (upon the exercise of previously issued warrants), for a purchase price total of $ 30,000.00.
Mr. Langstaff acquired 2,168,333 common shares on November 26, 2016 at a price of $ 0.00001 per common share for a total purchase price of $ 21.68. On June 1, 2017, Mr. Langstaff acquired the ownership of 100,000 common shares at a price of $ 0.70 per common share, for an aggregate purchase price of $ 70,000.00. On January 14, 2019, Mr. Langstaff acquired 150,000 common shares at a price of $ 0.10 common share (upon the exercise of the previously issued warrants) for a purchase price. total of $ 15,000.00.
Mr. Purohit acquired 2,168,333 common shares on November 26, 2016 at a price of $ 0.00001 per common share for a total purchase price of $ 21.68. On June 1, 2017, Mr. Purohit acquired the ownership of 100,000 common shares at a price of $ 0.70 per common share, for an aggregate purchase price of $ 70,000. On October 31, 2017, Mr. Purohit acquired ownership of 47,619 common shares at a price of $ 0.70 per common share, for an aggregate purchase price of $ 33,333.30. On January 31, 2018, Mr. Purohit acquired 5,000 common shares at a price of $ 2.00 per common share for an aggregate purchase price of $ 10,000. On January 15, 2019, Mr. Purohit acquired 100,000 common shares at a price of $ 0.10 common share (upon the exercise of previously issued warrants), for a purchase price. total of $ 10,000.00. On April 15, 2019, Mr. Purohit acquired 150,000 common shares at a price of $ 0.10 common share (upon the exercise of previously issued warrants), for a purchase price total of $ 15,000.00.
Each of the acquirers acquired the common shares for investment purposes. Buyers have a long-term view of the investments and can acquire additional securities or dispose of them on the open market or through private acquisitions in the future, depending on market conditions, the redrafting of plans and / or other relevant factors and subject to applicable conditions. securities laws. Subject to the terms of the Lock-Up Agreements (as defined below), Investors may at any time and at any time acquire other Common Shares and / or other Shares, Debts or other securities or instruments of the Company. issuer in the free market or otherwise, and reserves the right to dispose of all or part of the Common Shares in the open market or otherwise, at any time and at any time, and to conduct similar transactions with respect to the common shares , all on the market conditions, activities and prospects of the issuer and other relevant factors, including compliance with applicable securities laws.
All Common Shares beneficially owned and controlled directly by Investors are subject to the terms of the Deposit Agreements dated July 8, 2019 (the ""Blocking agreementsIn accordance with the provisions of the lock-up agreements, the ability of the acquirers to sell, badign or pledge, or dispose of or transfer the economic consequences of the securities of the issuer held by such parties for a period of 39 months following the date on which the Common Shares are listed on a recognized Canadian stock exchange (the "Date of registration") where 10% of these securities will be released from the lock-up agreements on the date that falls three months after the date of registration, the remaining securities being released in six equal tranches of 15% every six months following the first release. Until such time as the Common Shares would not be listed on a recognized Canadian stock exchange by August 1, 2019, all the securities subject to such agreements would blocking will be released immediately.
A copy of the alert reports indicating the above transaction is available on SEDAR at www.sedar.com under the profile of the issuer.
For more information, including a copy of the alert reports required by the purchasers as a result of the transaction referred to in the Canadian securities legislation as a result of the transaction referred to in this news release, please contact Setu Purohit at 480 University Avenue, Suite 1502 Toronto, M5G 1V2; Phone: (647) 243-5283.
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