1261648 B.C. Ltd. Sells Shares to Purchasers
Vancouver, British Columbia--(Newsfile Corp. - April 7, 2021) - 1261648 B.C. Ltd. ("648") announced today that it has sold (the "Sales") an aggregate of 825,000 common shares (the "Sold Shares") of 1246779 B.C. Ltd. ("779") to each of B. Keast Family Holdings Inc. ("BKF") (175,000 Sold Shares), R. Keast Family Holdings Inc. ("RKF") (175,000 Sold Shares), SFH Inc. ("SFH") (175,000 Sold Shares), and 631208 BC Ltd. (300,000 Sold Shares) (collectively with BKF, RKF, and SFH, the "Purchasers") pursuant to share purchase agreements entered into between 648 and each Purchaser on April 6, 2021. The Sold Shares were sold at a price of $0.00003 per Sold Share for an aggregate price of $24.75.
Prior to the Sales, 648 held 1,500,000 (50%) shares of 779. As a result of the Sales, 648 now holds 675,000 (22.5%) shares of 779.
The Sales were 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 Sold Shares were purchased from fewer than 5 sellers and at a price less than 115% of the market price of the Sold 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 779'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:
1261648 B.C. Ltd.
Attention: Matthew Zabloski
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/79728