TORONTO, Dec. 12, 2012 /CNW/ - Seastone Investments Limited
("Seastone"), and its sole beneficial shareholder, Tyler Proud
(together, the "Offeror"), today filed an early warning report in
connection with the purchase on December 7, 2012, of units of OneMove
Technologies Inc. ("OneMove" or the "Company") on a private placement basis (the "Private Purchase").
Seastone acquired 800,000 units at a price of $0.2625 per unit. Each
unit is comprised of one common share and one common share purchase
warrant. Each warrant is exercisable at a price of $0.42 per share for
After giving effect to the Private Purchase, Seastone owns 800,000
common shares representing approximately 6.4% of the issued and
outstanding shares. Assuming the exercise of the warrants, the Offeror
would hold 1,600,000 common shares representing approximately 12% of
the Company's issued and outstanding shares, assuming no other
convertible securities are exercised.
The Offeror acquired the units for investment purposes. In connection
with the Private Purchase the Offeror obtained a right of first refusal
to maintain its pro rata ownership of common shares of OneMove as well
as a right to nominate one director of the Company commencing in 2013
(provided that the Offeror has a continuing 5% interest in the
The Offeror was introduced to the Company by its Chairman and
significant shareholder, Matthew Proud, who is Tyler Proud's brother.
The Offeror may, directly or indirectly, depending on market and other
conditions, acquire beneficial ownership of, or control or direction
over, additional common shares of OneMove, through market transactions,
private agreements or otherwise, in accordance with applicable
securities legislation. The Offeror may also, depending on market and
other conditions, sell any or all of its common shares. The Offeror may
in the future commence discussions with the Company individually or
together with other shareholders in respect of a go private transaction
or take-over bid. However, currently, no such discussions are underway
and the Offeror is not a party to any agreements, commitments or
understandings to do so.
SOURCE: Seastone Investments Limited