The Securities were acquired from treasury pursuant to a non-brokered private placement of the Company (the 'Offering') and the Trust acquired them for investment purposes. Prior to the Offering the Novak Parties beneficially owned or exercised control or direction over 11,541,804 Shares and 4,375,000 warrants, representing approximately 34.27% of the issued and outstanding voting securities of the Company on a non-diluted basis and 41.82% of the issued and outstanding securities of the Company, assuming exercise of the 4,375,000 warrants held by the Novak Parties. Following the acquisition of the Shares and Warrants, the Novak Parties beneficially own or exercise control or direction over 13,541,804 Shares and 6,375,000 warrants (including the Warrants), representing approximately 36.42% of the issued and outstanding voting securities of the Company on a non-diluted basis and 45.73% of the issued and outstanding securities of the Company, assuming exercise of the 6,375,000 warrants held by the Novak Parties.
The Novak Parties intend to evaluate their investment in the Issuer and to increase or decrease their security holdings from time to time as it may determine appropriate for investment purposes.
Other than as herein disclosed, the Novak Parties do not have any plans that would result in any of the following: (a) the acquisition of additional securities of the Company, or the disposition of securities of the
This news release is issued pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues ('NI 62-103') of the Canadian Securities Administrators in connection with the acquisition of the Shares and Warrants by the Trust, which also requires an early warning report to be filed with the applicable securities regulators containing additional information with respect to the foregoing matters. A copy of the early warning report of the Novak Parties will be available on the Company's issuer profile on SEDAR at www.sedar.com. A copy of the early warning report can also be obtained by contacting
(C) 2022 Electronic News Publishing, source