TORONTO, July 11, 2019 /CNW/ - On July 9, 2019, Bhang Inc. (the "Issuer") completed its previously announced reverse takeover transaction (the "Transaction") with Bhang Corporation.
Richard Sellers (the "Acquiror") announced today that in connection with the Transaction, the Acquiror, acquired beneficial ownership or control or direction over 500,000 Subordinate Voting Shares, which represent 1% of that class of shares, and 17,382.609 Multiple Voting Shares of the Issuer, which represent 30.69% of that class of shares. The Multiple Voting Shares were issued at a value of $500 per share and the Subordinate Voting Shares were issued at a value of $0.50 per share. Immediately prior to the Transaction, the Acquiror and his joint actors owned or controlled no securities of the Issuer.
Each Multiple Voting Share has a restricted right to convert into 1,000 Subordinate Voting Shares of the Issuer. Assuming conversion of all Multiple Voting Shares into Subordinate Voting Shares by the Acquiror, the Acquiror would own 26.69% of the Subordinate Voting Shares on a partially diluted basis or 16.91% of the outstanding Subordinate Voting Shares, assuming the conversion of all outstanding Multiple Voting Shares.
Mr. Sellers can be contacted at 1647 Willow Pass Road, Unit 134, Concord, CA, 94520. A copy of the early warning report in connection with the foregoing will appear under the Issuer's profile on the SEDAR (www.sedar.com).
SOURCE Bhang Inc.
For further information: Mr. Sellers can be contacted at 1647 Willow Pass Road, Unit 134, Concord, CA, 94520