(MENAFN - Newsfile Corp) Update to Early Warning Report in Respect of Facedrive Inc.
Toronto, Ontario--(Newsfile Corp. - July 22, 2021) - 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 and can also be obtained by contacting the Acquiror at 416-204-1222.
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