Proposed Disposition of Common Shares of Jack Nathan Medical Corp.
NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER UNITED STATES NEWSWIRE SERVICES
GEORGETOWN, Ontario, Nov. 15, 2021 (GLOBE NEWSWIRE) -- George Barakat announces that he has filed 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 disposition of up to 6,990,500 common shares (“Shares”) in the capital of Jack Nathan Medical Corp. (“JNMC”) which is expected to be completed, if at all, through either or both of private sales and sales on the facilities of a recognized stock exchange or quotation system, including, but not limited to, the TSX Venture Exchange, during the duration of the sales period contemplated in the Sales Notice. 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, Mr. Barakat beneficially owned or exercised control or direction over 20,342,680 Shares and options to acquire an additional 700,000 Shares (the “Options”), representing approximately 24.79% of the issued and outstanding Shares on a non-diluted basis and representing approximately 25.42% of the issued and outstanding Shares, assuming the full exercise of all of the Options that Mr. Barakat beneficially owns or exercises control or direction over, determined in each case with reference to JNMC’s unaudited condensed consolidated interim financial statements for the three and six months ended July 31, 2021 and 2020, dated September 27, 2021. Mr. Barakat’s ownership of securities of JNMC has not changed as compared to the foregoing as at the time of the filing of this News Release.
Mr. Barakat will file one or more Early Warning Reports on Form 62-103F1, and related press releases, in connection with the completion of the transactions described herein in accordance with applicable securities laws.
In addition to the transactions described herein and disclosed in the Sales Notice, Mr. Barakat may increase or decrease his investment, directly or indirectly, in securities of JNMC from time to time, depending on market conditions or any other relevant factors.
A copy of the report relating to this acquisition may be found on JNMC’s profile at www.sedar.com.