1261648 B.C. Ltd. Sells Shares to 1287396 B.C. Ltd. for Cancellation
Vancouver, British Columbia--(Newsfile Corp. - May 31, 2021) - 1261648 B.C. Ltd. ("648") announced effective as of May 28, 2021 that it has sold (the "Repurchase") an aggregate of 1,000,000 common shares in the capital of 1287396 B.C. Ltd. ("396") (the "Repurchased Shares") to 396 for cancellation pursuant to a share repurchase agreement entered into between 648 and 396 on May 28, 2021. The Repurchased Shares were purchased at a price of $0.00003 per Repurchased Share for an aggregate price of $30.00.
Prior to the Repurchase, 648 held 1,300,000 (43.3%) common shares of 396. As a result of the Repurchase, 648 now holds 300,000 (18.3%) shares of 396.
The Repurchase was 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 Repurchased Shares were purchased from fewer than five sellers and at a price less than 115% of the market price of the Repurchased 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 396'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/85928