TORONTO, ONTARIO -- (Marketwired) -- 07/19/16 -- Matthew Gaasenbeek (the "Seller") announces that he has disposed of ownership and control of 2,100,000 common shares (the "Subject Shares") of EcoSynthetix Inc. (the "Company"), 3365 Mainway, Burlington, Ontario, L7M 1A6, on July 19, 2016, representing approximately 3.7% of all issued and outstanding common shares of the Company as of such date.
Immediately before the transaction described above, the Seller held an aggregate of 5,503,700 common shares of the Company, representing approximately 9.6% of the issued and outstanding common shares of the Company. Upon completion of the transaction described above, the Seller owns and controls an aggregate of 3,403,700 common shares of the Company (the "Owned Shares"), representing approximately 6% of the issued and outstanding common shares of the Company as of July 19, 2016.
Immediately before the transaction described above, the Seller and its joint actor (Northern Crown Capital Corp.) held an aggregate of 6,403,700 common shares of the Company, representing approximately 11.2% of the issued and outstanding common shares of the Company. Upon completion of the transaction described above, the Seller, together with its joint actor, Northern Crown Capital Corp., own and control an aggregate of 4,303,700 common shares of the Company (of which 3,403,700 Owned Shares are owned by the Seller directly and 900,000 common shares are owned by its joint actor), representing approximately 7.5% of the issued and outstanding common shares of the Company as of July 19, 2016.
The Subject Shares were disposed of in a private transaction, and not through the facilities of any stock exchange. The holdings of securities of the Company by the Seller and its joint actor are managed for investment purposes, and the Seller and its joint actor could increase or decrease their investments in the Company at any time, or continue to maintain their current investment position, depending on market conditions or any other relevant factor. The Subject Shares were disposed of for a price of $1.11 per share, or an aggregate purchase price of $2,331,000 (comprised of $582,750 in cash and a promissory note in the principal amount of $1,748,250). The trade was effected in reliance upon the exemption contained in Section 2.3 of National Instrument 45-106 on the basis that the purchaser of the Subject Shares is an accredited investor.
Additional Information
A copy of the applicable securities report filed in connection with the matters set forth above may be obtained by contacting:
Matthew Gaasenbeek 155 University Avenue 19th Floor Toronto, Ontario M5G 3B7 Tel: 416-560-1113
Contacts:
Matthew Gaasenbeek
416-560-1113
