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.
Scott J. Van Rixel, Chairman, Chief Executive Officer and Director of the Issuer (the "Acquiror"), announced today that in connection with the Transaction, the Acquiror acquired beneficial ownership or control or direction over 31,713.876 Multiple Voting Shares of the Issuer, which represents 56% of that class of shares. The Multiple Voting Shares were issued at a value of $500 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 39.23% of the Subordinate Voting Shares on a partially diluted basis or 29.99% of the outstanding Subordinate Voting Shares, assuming the conversion of all outstanding Multiple Voting Shares.
Mr. Van Rixel can be contacted at 7251 NE 2nd Avenue, Suite 201, Miami, Florida, 33138. 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. Van Rixel can be contacted at 7251 NE 2nd Avenue, Suite 201, Miami, Florida, 33138