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NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER UNITED STATES NEWSWIRE SERVICES
GEORGETOWN, Ontario, Jan. 05, 2022 (GLOBE NEWSWIRE) -- This press release is being disseminated as required by National Instrument 62–103 - The Early Warning System and Related Take Over Bids and Insider Reporting Issues in connection with the filing of an early warning report by George Barakat in respect of the disposition of common shares in the capital of Jack Nathan Medical Corp. ("JNMC ") (TSXV:JNH.V).
George Barakat announces that during the period between and including November 22, 2021 and January 4, 2022, he sold an aggregate of 1,811,000 common shares over the facilities of the TSX Venture Exchange at an average price per common share of $0.1874, for total consideration of approximately $339,360.
Following the sales referred to above, Mr. Barakat beneficially owns or exercises control or direction over 18,531,680 common shares and options to acquire an additional 700,000 Options (the “Options”), representing approximately 22.56% of the issued and outstanding common shares on a nondiluted basis and representing approximately 23.21% of the issued and outstanding common 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 nine months ended October 31, 2021 and 2020, dated December 30, 2021.
On December 24, 2021, Mr. Barakat filed a Form 45-102F1 Notice of Intention to Distribute Securities under Section 2.8 of National Instrument 45-102 - Resale of Securities (the “Sales Notice”) relating the sale of up to 5,979,500 common shares in the capital of JNMC. There is no assurance as to the timing of the transactions contemplated in the Sales Notice nor whether any such transactions will occur. 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.