William McCartney Reports Changes to Share Ownership

June 23, 2022 7:56 PM EDT | Source: William McCartney

Vancouver, British Columbia--(Newsfile Corp. - June 23, 2022) - William McCartney announced today that he has acquired, indirectly through two wholly-owned companies, a total of 339,600 common shares ("Common Shares") of Keon Capital Inc. ("Keon" or the "Company") in settlement of $84,900 in outstanding debts owed by the Company (the "Acquisition").

The Acquisition was part of a number of Keon shares-for-debt settlement transactions aggregating to $236,636 pursuant to which the Company issued a total of 946,544 Common Shares to certain of its creditors at a deemed price of $0.25 per share (the "Debt Settlements"), as reported by the Company in its press release dated June 23, 2022. The Debt Settlements, including the Acquisition, were completed coincident with Keon completing a private placement financing in which it issued an additional 2,000,000 common shares at $0.25 per share to arm's length subscribers for total proceeds of $500,000 (the "Private Placement") which, taken together with the Debt Settlements, resulted in Keon issuing 2,946,544 additional Common Shares, increasing its total number of issued and outstanding Common Shares to 4,862,272 shares.

Immediately after the completion of the Acquisition, William McCartney, through a wholly-owned company, disposed of 179,728 Common Shares in a series of private transactions at a deemed price of $0.25 per share for total consideration of $44,932 (the "Disposition").

Prior to the Acquisition, the Disposition and the Private Placement, William McCartney, directly and indirectly, held 300,000 Common Shares representing approximately 15.66% of the Company's 1,915,728 issued and outstanding Common Shares. As a result of the Acquisition and Disposition, Mr. McCartney now holds, directly or indirectly, a total of 459,872 Common Shares, representing approximately 9.46% of the Company's 4,862,272 issued and outstanding Common Shares. Consequently, and with reference to subsection 5.2(3) of National Instrument 62-104 - Take-Over Bids and Issuer Bids, Mr. McCartney's beneficial ownership of, or control or direction over, common shares of Keon has decreased to less than 10%.

Mr. McCartney holds common shares of Keon for investment purposes and may increase or decrease his beneficial ownership in Keon as circumstances or market conditions warrant.

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 related early warning report will be filed with the applicable securities commissions and be available under Keon's filer profile at www.sedar.com.


William McCartney
604 307 8103
780 Riverside Drive North Vancouver, BC Y7H 1V5

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/128813