HALIFAX, June 28, 2016 /CNW/ - BEEK Investments Limited ("BEEK") announced the acquisition of 13,536,023 common shares (the "Common Shares") of kneat.com, inc. (formerly, Fortune Bay Corp.) (the "Company"), representing approximately 34.2% of the issued and outstanding Common Shares of the Company on a non-diluted basis. The acquisition was effected in connection with the Transaction (as hereinafter defined), in accordance with the terms of the transaction agreement dated February 9, 2016 among the Company, Kneat Solutions Limited ("Kneat") and Fortune Bay Corp. (formerly, 9617337 Canada Limited), pursuant to which, the Company has (i) spun-out its resources properties by way of a court-approved plan of arrangement in Ontario (the "Arrangement"); and (ii) acquired 100% of the issued and outstanding ordinary shares of Kneat by way of a concurrent scheme of arrangement in Ireland in consideration for issuance of an aggregate of 27,178,260 Common Shares at a deemed acquisition price of $0.90 per Common Share (the "Merger" and together with the Arrangement, the "Transaction").
The Transaction and matters related thereto are described in detail in the management information circular of the Company dated May 13, 2016 available on SEDAR at www.sedar.com under the Company's profile.
The securities of the Company were acquired as a result of the Transaction for investment purposes. BEEK may, depending on market and other conditions, increase or decrease its beneficial ownership of securities of the Company, whether in the open market, by privately negotiated agreements or otherwise, subject to a number of factors, including general market conditions and other available investment and business opportunities.
SOURCE Fortune Bay Corp.
For further information: contact Edmund Ryan at BEEK Investments Limited, Unit No. 7 Castletroy Park Business Centre, Castletroy, Limerick, Ireland