Kirkland Intertrade Corp, (“Kirkland”) a company owned or controlled, directly or indirectly, by Mr. Maxim Finskiy, a director of the Company acquired all 5,000,000 Shares sold in this second tranche. Previously Kirkland acquired 5,000,000 common shares of the Company at the Issue Price in the first tranche of the Placement that closed on April 16, 2013.
The Shares are subject to a hold period expiring four months and a day from the date hereof.
The issuance of the Shares to Kirkland is a related party transaction within the meaning of TSXV Policy 5.9 which incorporates Multilateral Instrument 61-101 (“MI 61-101”). The Company has relied on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(b) and 5.7(a) of MI 61-101 in respect of such issuance.
For further information, please contact:
20 Toronto Street, 12th Floor, Toronto ON, M5C 2B8, Canada
Fax: 416 367 3638
Dr. Thomas Utter
President and CEO
Tel.: +1 52 662 311 8839
CFO and Secretary
Tel.: 416 637-1517 x 107
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements, which are subject to risks and uncertainties and other factors that may cause the Company’s results to differ materially from expectations. Specifically, this news release contains forward-looking information regarding the use of proceeds received in the Private Placement. Accordingly, readers are cautioned not to place undue reliance on this forward-looking information. The Company does not assume the obligation to revise or update this forward-looking information after the date of this news release or to revise such information to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.