Update to Early Warning Report in Respect of Facedrive Inc.

Mr. Imran Khan (the "Acquiror") announced the filing of a Form 45-102F1 - Notice of Intention to Distribute Securities under Section 2.8 of NI 45-102 - Resale of Securities (the "Sales Notice") in connection with the proposed sale (the "Proposed Sale") of up to 500,000 common shares ("Shares") in the capital of Facedrive Inc. (the "Issuer") registered in the name of ISRR Holdings Inc. ("ISRR"). The Proposed Sale is expected to be completed by way of over-the-market trades during the 30-day period commencing on the date hereof. There is no assurance as to the timing of the transactions contemplated in the Sales Notice, nor whether any such transactions will occur.

As at the date of the Sales Notice described herein, ISRR, a company controlled by the Acquiror, beneficially owned or exercised control or direction over 21,014,430 Shares, representing approximately 22.05% of the issued and outstanding Shares of the Issuer. Separately, as at the date of the Sales Notice, 2634107 Ontario Inc. ("263 Ontario") owned or exercised control or direction over 7,696,170 Shares, representing approximately 8.08% of the issued and outstanding Shares. The Acquiror holds a 33% interest in 263 Ontario and, pursuant to certain contractual arrangements, shares direction and control over the voting and disposition of the Shares held by 263 Ontario. The Acquiror's ownership of securities of the Issuer has not changed as a result of the filing of the Sales Notice, but may change upon giving effect to the Proposed Sale.

The Acquiror will file one or more additional early warning reports, and related press releases, in connection with the completion of the Proposed Sale, as may be required from time to time under applicable securities laws.

The securities of the Acquiror described herein were acquired for investment purposes. In addition to the transactions described herein and disclosed in the Sale Notice, the Acquiror may increase or decrease his investment, directly or indirectly, in securities of the Issuer from time to time, depending on market conditions or any other relevant factors.

This press release is being issued pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which also requires a report to be filed with the securities regulatory authorities in each of the jurisdictions in which the Issuer is a reporting issuer containing information with respect to the foregoing matters (the "Early Warning Report").

A copy of the Early Warning Report filed by the Acquiror in connection with this acquisition will be available under the Issuer's profile on the SEDAR website at www.sedar.com and can also be obtained by contacting the Acquiror at 416-204-1222.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/91020

News Provided by Newsfile via QuoteMedia

The Conversation (0)
Arrows and line graph ascending, symbolizing growth, with a car silhouette in the background.

EVs Emit 73 percent Less Than Gas Cars: Study

A new analysis from the International Council on Clean Transportation (ICCT) has found that battery electric vehicles (BEVs) sold in Europe today produce 73 percent fewer greenhouse gas emissions over their lifetime than comparable gasoline-powered cars

The findings are based on an updated life-cycle assessment (LCA) of all major vehicle powertrain types, including internal combustion engine vehicles (ICEVs), hybrids (HEVs), plug-in hybrids (PHEVs), battery electric vehicles (BEVs), and hydrogen fuel cell electric vehicles (FCEVs).

The report accounts for emissions from vehicle and battery manufacturing, energy production, use and maintenance, while crucially considering changes in the EU’s electricity mix over a car’s operational life.

Keep reading...Show less
CoTec Holdings (TSXV:CTH)

CoTec Investment Mkango and Hypromag Announces First Production from Commercial-Scale Recycled Rare Earth Alloy Production in the UK

CoTec Holdings Corp. (TSXV:CTH)(OTCQB:CTHCF) ("CoTec" or the "Company") is pleased to note that Mkango Resources Ltd. (AIM/TSX-V:MKA) ("Mkango") and HyProMag Limited ("HyProMag") have announced first production runs of recycled rare earth alloy from the commercial-scale Hydrogen Processing of Magnet Scrap ("HPMS") vessel at Tyseley Energy Park ("TEP") in Birmingham, UK.

This marks the first commercial-scale production of recycled neodymium-iron-boron (NdFeB) alloy using HPMS technology and represents a significant milestone for all stakeholders involved. The TEP plant is the UK's only sintered rare earth magnet manufacturing facility and is a major step forward for both domestic and global rare earth supply chains.

Keep reading...Show less
CoTec Holdings (TSXV:CTH)

CoTec Holdings Corp. Announces Second Closing of Life Offering and Concurrent Private Placement

CoTec Holdings Corp. (TSXV:CTH)(OTCQB:CTHCF) (the "Corporation") is pleased to announce that it has completed a second closing (the "Second Closing") of its previously announced financing pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 - Prospectus Exemptions (the "LIFE Offering") and concurrent private placement (the "Private Placement" and together with the LIFE Offering, the "Offerings") of up to an aggregate of 12,820,512 units (each, a "Unit") at a price of $0.78 per Unit for aggregate gross proceeds of up to $10,000,000 (comprised of $5,000,000 under the LIFE Offering and $5,000,000 under the Private Placement). Each Unit consists of one common share in the capital of the Corporation (each a "Common Share") and one Common Share purchase warrant (each a "Warrant"). Each Warrant entitles the holder to purchase one Common Share at an exercise price of $1.20 for a period of 18 months following the issuance of the Units.

Keep reading...Show less
Troy Minerals (CSE:TROY)

Troy Minerals Announces Maiden Inferred Resource Estimate for High-Purity Silica at Table Mountain Project, BC

Troy Minerals Inc. ("Troy" or the "Company") (CSE:TROY)(OTCQB:TROYF)(FSE:VJ3) is pleased to announce the completion of an initial Inferred Mineral Resource Estimate ("MRE") for high-purity silica at its 100%-owned Table Mountain Project, located near Golden, British Columbia, Canada (Figure 1).

Key Highlights:

Keep reading...Show less
Troy Minerals (CSE:TROY)

Troy Minerals Announces Life Offering

Troy Minerals Inc. ("Troy" or the "Company") (CSE:TROY)(OTCQB:TROYF)(FSE:VJ3) is pleased to announce aprivate placement offering (the "Offering") of a minimum of 10,000,000 units of the Company (each a "Unit") and up to a maximum of 15,000,000 Units at a price of $0.10 per Unit, for gross proceeds of up to $1,500,000.

Each Unit will be comprised of one common share and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder to acquire an additional common share at a price of $0.15 per common share for a period of two years from the date of issuance.

Keep reading...Show less
CoTec Holdings (TSXV:CTH)

CoTec Holdings Corp. Announces Annual and Special Meeting Results

 CoTec Holdings Corp. (TSXV:CTH)(OTCQB:CTHCF) (the "Company") is pleased to announce that all resolutions were passed by requisite majority at its annual and special meeting of shareholders held earlier today in virtual format.

The seven incumbent directors, Julian Treger, Raffaele (Lucio) Genovese, Tom Albanese, Margot Naudie, Sharon Fay, Erez Ichilov and Robert Harward were re-elected to the Board by shareholders. The shareholders also approved the re-appointment of PricewaterhouseCoopers LLP as auditors of the Company for the ensuing year and the Company's amended and restated omnibus equity incentive plan.

Keep reading...Show less

Latest Press Releases

Related News

×