MONTREAL, May 3 /CNW Telbec/ - This press release is issued by Wavon John Soileau Revocable Trust (the "Trust") as required under Regulation 62-103 Respecting the Early Warning System and Related Take-Over Bid and Insider Reporting Issues ("Regulation 62-103"). The Trust owned 14,318,116 common shares of Ranaz Corporation ("Ranaz"), representing approximately 24.55% of the outstanding common shares of Ranaz (the "Common Shares"). Its address is 3339 Highway 17N, Green Cove Springs, FL 32043, United States.
The Trust announces that on May 3, 2010, it privately purchased 4,673,076 share purchase warrants, each (a "Warrant") entitling the holder to subscribe for one Common Share at a price of CDN$0.10 until August 31, 2014. Assuming the exercise of the Warrants, the Trust would hold 18,991,192 Common Shares (approximately 29.33% of the outstanding Common Shares).
John Soileau and Nina Soileau, the Trust's trustees, are deemed joint actors of the Trust under Regulation 62-103. John Soileau controls, through SSAD, llc ("SSAD") 767,769 Common Shares, representing approximately 1.28% of the outstanding Common Shares. Nina Soileau does not hold or control, directly or indirectly, Common Shares.
As a result of this transaction, the Trust and SSAD together own 15,085,885 Common Shares and 4,673,076 Warrants, representing approximately 25.11% of the outstanding Common Shares (30.51% assuming the exercise of the Warrants).
The Trust and Mr. Soileau hold their Common Shares and the Warrants for investment purposes only.
A copy of the report under Regulation 62-103 to be filed will be available by contacting Mr. Jean Bourassa-Marineau, President and Chief Executive Officer at (514) 666-8010.
SOURCE Ranaz Corporation
For further information: For further information: Jean Bourassa-Marineau, President and Chief Executive Officer, Ranaz Corporation, (514) 666-8010