Vancouver, British Columbia – TheNewswire – April 13, 2022. This press release is issued pursuant to Multilateral Instrument 62-104 – Take-Over Bids and Issuer Bids and National Instrument 62-103- The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, in connection with the filing of an early warning report regarding the transfer by Ranjeet Sundher, indirectly through 1323552 B.C. Ltd. (the "Acquiror"), of 3,100,000 common shares ("Common Shares") of DeepMarkit Corp. (the "Issuer").
On April 12, 2022, the Acquiror, through 1323552 B.C. Ltd., a company controlled by the Acquiror, completed the sale of 3,100,000 Common Shares (the "Sold Shares") pursuant to a private transfer agreement.
Directly prior to the sale of the Sold Shares, the Acquiror held, directly and indirectly (including through 1323552 B.C. Ltd.), 13,455,974 Common Shares and 200,000 options (the "Acquiror Options"), representing approximately 31.69% of the issued and outstanding Common Shares on an undiluted basis, and 32.01% of the issued and outstanding Common Shares after giving effect to the exercise of the Acquiror Options. Following completion of the sale of the Sold Shares, the Acquiror holds, directly and indirectly, 10,355,974 Common Shares and 200,000 stock options, representing approximately 24.39% of the issued and outstanding Common Shares on an undiluted basis, and 24.74% after giving effect to the exercise of the Acquiror Options. The Acquiror sold the Sold Shares for a price equal to $0.85 per Sold Share, for total consideration of $2,635,000.
The Acquiror is a director and officer of the Issuer, who was instrumental in reorganizing the capital structure of the Issuer (including a debt restructuring) to permit the Issuer to pursue corporate objectives and obtain additional capital. The Acquiror has a long-term view of his investment in the Issuer and believes that reducing his voting concentration and diversifying the Issuer’s shareholder base will increase the attractiveness of the Issuer to the investment community. The Sold Shares were sold to an existing shareholder who has a similar long-term view of their investment in the Issuer. In the future, the Acquiror may, from time to time, increase or decrease his direct and indirect ownership, control or direction over Common Shares or other securities of the Issuer through market transactions, private agreements or otherwise, depending on market conditions and other relevant factors.
An early warning report respecting the sale of the Disposed Shares will be filed with the applicable securities commissions using the System for Electronic Document Analysis and Retrieval (SEDAR) and will be available for viewing on the Company’s profile at www.sedar.com.
For additional information regarding this news release please contact: Ranjeet Sundher, Tel: (604) 671-6962.
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