Brian W Brady Trust No. 1 Announces Purchase of Units of Cansortium Inc.
OKEMOS, Mich., March 8, 2023 /CNW/ - On February 28, 2023, Brian W Brady Trust No 1 (the "Acquiror") acquired 20,000,000 units (the "Units") of Cansortium Inc. (the "Issuer") pursuant to a non-brokered private placement. Each Unit is comprised of one common share in the capital of the Issuer (a "Common Share") and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the Acquiror to purchase one Common Share at an exercise price of US$0.15 per Common Share for a period of 36 months following the date of issuance.
Immediately prior to the acquisition of Units, the Acquiror held, directly or indirectly, 8,079,165 Common Shares (representing approximately 3.4% of the then outstanding Common Shares). The Common Shares held by the Acquiror represented approximately 3.0% of the then outstanding voting rights attached to the issued and outstanding voting securities of the Issuer.
Following the acquisition described herein, the Acquiror holds, 10,000,000 warrants (each warrant to purchase one additional Common Share) and 28,079,165 Common Shares (representing approximately 10.39% of the current outstanding Common Shares). The Common Shares held directly or indirectly by the Acquiror represent approximately 9.48% of all voting rights attached to the issued and outstanding voting securities of the Issuer (or approximately 12.43%, assuming the exercise of the warrants).
The Acquiror acquired the securities comprising the Units for investment purposes and may, depending on market and other conditions, increase or decrease its beneficial ownership, control or direction over securities of the Issuer through market transactions, private agreements, treasury issuances, exercise of warrants or otherwise.
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. A copy of the Early Warning Report will be filed under the Issuer's profile on SEDAR at www.sedar.com.
For further information or to obtain a copy of the Early Warning Report, please contact:
Brian Brady
2111 University Park Drive, Suite 650
Okemos, MI 48864
Telephone: 517-347-4141.
SOURCE Brian W Brady Trust No 1
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