TORONTO, May 30, 2019 /CNW/ - Prodigy Ventures Inc. (TSXV: PGV) ("Prodigy" or the "Company") today announced that 7797958 Canada Corp. ("7797958"), a shareholder holding greater than 10% of the outstanding common and restricted voting shares of the Company has filed an early warning report (the "Report") under the Company's profile on www.sedar.com as summarized below. This press release is being disseminated as required by National Instrument 62-103, The Early Warning System and Related Take-Over Bids and Insider Reporting Issues in connection with the filing of an early warning report.
Prior to the completion of the transaction set forth in the Report, 7797958 Canada Corp. of 22 Concession 14 Rd. E, Puslinch, Ontario N0B 2J0 owned 3,269,539 common shares in the capital of the Company and 15,181,279 restricted voting shares in the capital of the Company.
On May 30, 2019 7797958 disposed of a total of 5,790,936 restricted voting shares by way of private agreement at a price of $0.03 per share. As a result of the foregoing transaction the percentage of restricted voting shares of the Issuer owned or controlled by 7797958 decreased from 17.2% to 10.7% and the resulting 6.5% reduction has resulted in the requirement to file the Report.
Immediately before the transaction that triggered the requirement to file the Report, the 7797958 owned or controlled a total of 3,269,539 common shares and 15,181,279 restricted voting shares representing 11.9% of the issued and outstanding common shares and 17.2% of the issued and outstanding restricted voting shares. Immediately following the transaction that triggered the requirement to file the Report, the Acquiror owned or controlled a total 3,269,539 common shares and 9,390,343 restricted voting shares representing 11.9% of the issued and outstanding common shares and 10.7% of the issued and outstanding restricted voting shares.
7797958 does not have a present intention to acquire or dispose of additional securities. Such intention may change depending on various factors including, without limitation, the Company's financial position, the price levels of the common shares of the Company, conditions in the securities markets and general economic and industry conditions, the Company's business or financial condition, and other factors and conditions 7797958 deems appropriate, 7797958 may acquire or dispose of additional securities in the future but has no current plans or future intentions to do so.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
About Prodigy Ventures Inc.
Prodigy is an innovation company that has combined an enterprise technology services business - Prodigy Labs - with a Venture Builder business. The two businesses work together to create and deliver new enterprise and consumer platforms and apps using emerging technologies in mobile, video, digital identity, voice, blockchain, artificial intelligence, payments and augmented reality.
Prodigy has been ranked as the 9th fastest growing Canadian company on the 2018 Growth 500, Canadian Business' Ranking of Fastest-Growing Canadian Companies. Prodigy has also been named as one of Canada's fastest growing technology companies in the 19th, 20th and 21st annual Deloitte Technology Fast 50™ awards for demonstrating bold innovation, dedicated leadership and strong growth. In addition, Prodigy also ranked on Deloitte's Technology Fast 500™, a ranking of the 500 fastest growing technology, media, telecommunications, life sciences and energy tech companies in North America. Prodigy has also been named to the prestigious Branham300 list for the second consecutive year. This ranking recognizes the financial performance of Canadian companies in the Information and Communications Technologies sector.
SOURCE Prodigy Ventures Inc.
For further information: Andrew Hilton, Prodigy Ventures Inc., Chief Financial Officer, Andrew.Hilton@Prodigy.Ventures, 416-606-8833