CALGARY, July 15, 2016 /CNW/ - Mustang Asset Management Inc. ("Mustang") acquired on July 14, 2016 ownership of 911,062 common shares ("Common Shares") and 2,475,500 convertible preferred shares ("Preferred Shares") of Deploy Technologies Inc. ("Deploy") (the "Acquisition") from Trepped Enterprises Inc. (the "Vendor") in accordance with the terms of a share purchase agreement ("Share Purchase Agreement") among Mustang and the Vendor dated July 14, 2016.
Mustang acquired the Common Shares at a price of $0.00297 per Common Share and the Preferred Shares at a price of $0.0297 per Preferred Share for aggregate gross proceeds of $76,300. Prior to the Acquisition, Mustang did not own any Common Shares or Preferred Shares. As a result of the Acquisition, Mustang owns 100% of the issued and outstanding Preferred Shares, approximately 14% of the issued and outstanding Common Shares on an undiluted basis, and approximately 82% of the issued and outstanding Common Shares on a diluted basis, assuming conversion of all the Preferred Shares.
Mustang acquired the Common Shares and the Preferred Shares for investment purposes only and may, depending on market and other conditions, increase or decrease its beneficial ownership, control or direction over the securities of Deploy through market transactions, private agreements, or otherwise, and may exercise its right, pursuant to their terms, to convert to Common Shares all or a portion of the Preferred Shares it owns and controls. Pursuant to the Share Purchase Agreement, Mustang and the Vendor have agreed that in connection with the Acquisition, the current directors of Deploy shall resign and Murray Simser, Susan Naylen Sorrell and Chris MacLeod shall be appointed as directors of Deploy and that Murray Simser shall be appointed as Chief Executive Officer and Susan Naylen Sorrell shall be appointed as Chief Financial Officer of Deploy.
The Acquisition is being conducted privately in accordance with the "private agreement" exemption contained in section 4.2 of National Instrument 62-104 — Take-Over Bids and Issuer Bids. This Acquisition is exempt from the prospectus requirements of applicable securities laws pursuant to the exemption contained in Section 2.16 of National Instrument 45-106 — Prospectus Exemptions.
This press release is issued pursuant to National Instrument 62-103 — The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which also requires a report to be filed with regulatory authorities in each of the jurisdictions in which Deploy is a reporting issuer containing information with respect to the foregoing matters (the "Early Warning Report").
The Canadian Securities Exchange has not reviewed and does not accept the responsibility for the adequacy of this press-release.
About Mustang Asset Management Inc.
Mustang is a private Alberta corporation with its head office located at 3400, 350-7th Avenue SW, Calgary, Alberta. Mustang identifies and invests in developing technology companies.
About Deploy Technologies Inc.
Deploy is a public Nevada corporation listed on the Canadian Securities Exchange with its head office located at 19011-1153 56th Street, Delta, British Columbia. Deploy designs and develops technologies for industrial Weights and Measures applications assisting organizations to become more efficient, productive, and profitable.
SOURCE Mustang Asset Management Inc.
For further information: A copy of the Early Warning Report will appear with Deploy's documents on the System for Electronic Document Analysis and Retrieval and may also be obtained by contacting Ron Frank on behalf of Mustang at 778-668-7722.