Early Warning Report Filed Pursuant to Canada's National Instrument 62-103 with Respect to Acquisition of Common Shares and Warrants of Kaizen Discovery Inc.
Vancouver, British Columbia--(Newsfile Corp. - December 28, 2020) - This news release is issued by I-Pulse Inc. ("I-Pulse") pursuant to the early warning requirements of Canada's National Instrument 62-103 with respect to common shares of Kaizen Discovery Inc. ("Kaizen").
I-Pulse, through its affiliate, HPX TechCo Inc. ("HPX"), announces that on December 15, 2020, it acquired 26,000,000 units of Kaizen, with each such unit consisting of one Kaizen common share and one warrant to acquire a Kaizen common share for C$0.075 for a period of 24-months.
The 26,000,000 common shares acquired represent ownership and control of 7.6% of the currently issued and outstanding common shares of Kaizen. The acquisition of the 26,000,000 units of Kaizen by HPX results in HPX owning or exercising control over 251,420,798 common shares of Kaizen, representing 73.2% of the issued and outstanding common shares of Kaizen, not including any common shares issuable upon exercise of the 48,100,000 warrants now held by HPX.
Immediately prior to the purchase, I-Pulse had beneficial ownership and control over 225,420,798 common shares representing approximately 71% of the then-issued and outstanding common shares of Kaizen. I-Pulse now has actual beneficial ownership and control over 251,420,798 common shares, representing 73.2% of the currently issued and outstanding common shares of Kaizen, and is deemed to beneficially own an additional 48,100,000 common shares issuable upon the exercise of common share purchase warrants, representing an aggregate total of 76.4% of Kaizen's then issued and outstanding common shares on a partially diluted basis. All of these securities are beneficially owned and controlled by I-Pulse.
For further information and to obtain a copy of the early warning report filed under applicable Canadian provincial securities legislation in connection with the transactions hereunder, please go to Kaizen's profile on the SEDAR website (www.sedar.com), or contact Sam Kenny at (604) 689-8765. I-Pulse has an office c/o 654-999 Canada Place, Vancouver, British Columbia, Canada, V6C 3E1.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/71081