EDMONTON, July 23, 2019 /CNW/ - Chadi Land Company Inc. ("Chadi Land"), a shareholder of Imperial Equities Inc. ("Imperial") that carries on business as a real estate holding company, today has announced it has purchased additional Class "A" Common Shares in Imperial ("Common Shares").
On July 23, 2019, through a private sale, Imperial Land Corp. ("ILC") sold 972,280 Common Shares to Chadi Land Co. at a price of $3.80 per share (the "Transaction"), for total consideration of $3,694,664.00. These 972,280 Common Shares represent approximately 10.15% of Imperial's issued and outstanding Common Shares. Chadi Land acquired these additional Common Shares for investment purposes and has no plan or future intention to acquire or dispose of any additional Common Shares.
Prior to the Transaction, Chadi Land, directly or indirectly, beneficially owned and controlled 60,500 Common Shares of Imperial, being approximately 0.63% of the Common Shares issued and outstanding. As a result of the Transaction, Chadi Land, directly or indirectly, now beneficially owns and controls 1,032,780 Common Shares, being approximately 10.78% of Common Shares issued and outstanding.
Chadi Land has no plan or future intention to pursue a merger, reorganization or liquidation transaction involving Imperial or any of its subsidiaries; or to pursue a sale or transfer of a material amount of the assets of Imperial or any of its subsidiaries; or to change the Imperial board of directors (including to change the number or term of directors or to fill any existing vacancy on the board); or to materially change Imperial's present capitalization or dividend policy; or to make a material change to Imperial's business or corporate structure; or to change Imperial's charter, bylaws or similar instruments, or to take any other action which might impede the acquisition of control of Imperial by any person or company; or to delist a class of Imperial's securities from a marketplace or to cause a class of Imperial's securities to cease to be authorized to be quoted on a marketplace; or to cause Imperial to cease to be a reporting issuer in any jurisdiction of Canada; or to solicit proxies from securityholders in Imperial; or to take any actions similar to the foregoing. There is no change to any material fact set out in a previous report filed by Chadi Land under the early warning requirements or Part 4 of National Instrument 62-103 (The Early Warning System and Related Take-Over Bid and Insider Reporting Issues) in respect of Imperial's securities.
Chadi Land has relied on the exemption contained at Section 4.2 of National Instrument 62-104 (Private Agreement Exemption) in acquiring the 972,280 Common Shares.
Chadi Land's office is located at 10060 Jasper Avenue, Suite 2151, Edmonton, Alberta, T5J 3R8. Imperial's offices are located at 10060 Jasper Avenue, Suite 2151, Edmonton, Alberta, T5J 3R8.
For additional information or to obtain a copy of the report (Form 62-103F1), contact Mr. Sine Chadi at 780-424-7227.
SOURCE Chadi Land Company Inc.
For further information: Sine Chadi, Phone: 780 424-7227, Email: email@example.com