VANCOUVER, Aug. 16, 2016 /CNW/ - Brett Walker ("Mr. Walker") makes the following announcement in accordance with National Instrument 62-103 The Early Warning System and Related Take Over Bids and Insider Reporting Issues.
Mr. Walker advises that he has acquired ownership and control of 3,583,514 common shares in the capital of Grandfield Pacific Inc. ("Grandfield") at the price of $0.001 per share for an aggregate consideration of $3,583,52 (the "Acquisition"). The Acquisition was made pursuant to a share purchase agreement made effective on June 17, 2016. The Grandfield common shares are not listed for trading on a stock exchange.
As a result of the Acquisition, Mr. Walker currently holds 3,583,514 Grandfield common shares, representing 46.7% of the currently issued and outstanding Grandfield common shares. Prior to the Acquisition, Mr. Walker did not own or control any Grandfield common shares.
In conjunction with the closing of the Acquisition, the existing directors and officers of Grandfield have resigned and have been replaced with appointees of the outgoing board, including Mr. Walker who has been appointed as a director and President and Chief Executive Officer of Grandfield effective today.
In conjunction with the restructuring and financing of Grandfield, a consolidation of Grandfield's issued and outstanding common shares may be effected. Grandfield does not currently have active business operations. Incoming management, led by Mr. Walker, expects to restructure and refinance Grandfield for potential business acquisitions in the life sciences sector. Grandfield's executive offices are located in British Columbia. As such, incoming management, may seek shareholder approval for the continuation of Grandfield out of Canada and into British Columbia.
Mr. Walker acquired the common shares for investment purposes. However, Mr. Walker will review his holdings from time to time and may, in the future, increase or decrease his ownership or control over securities of Grandfield as circumstances dictate.
Mr. Walker is relying of the private agreement exemption set out in Section 4.2 of National Instrument 62-104 Take-Over Bids and Issuer Bids. The purchase of the Grandfield common shares was made from four persons in the aggregate. The bid made by Mr. Walker to purchase the Grandfield shares was not made generally to security holders thereof. There is no published market for the Grandfield common shares and there is a reasonable basis for determining that the value of the consideration paid for any of the shares by Mr. Walker is not greater than 115% of the value of the shares.
An early warning report will be filed on SEDAR and may be found under Grandfield's profile on the SEDAR website at www.sedar.com. A copy of the early warning report can also be obtained from the contact below.
Grandfield's head office is located at 2748 Byron Road, North Vancouver, British Columbia, V7H 1M2.
SOURCE Brett Walker
For further information: Brett Walker, (604) 366-7460