TORONTO, Dec. 24, 2012 /CNW/ - 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 (the "Early Warning Report") regarding the acquisition of Sphere 3D Corporation (TSXV: ANY) (the "Company") securities by Mario Biasini of 240 Sabel Street, Mississauga, Ontario, L6L 3W2.
As a result of the completion of a Qualifying Transaction (as such term is defined in TSXV Exchange Policy 2.4) on December 21, 2012, whereby T.B. Mining Ventures Inc. ("T.B. Mining" or the "Resulting Issuer") acquired all the issued and outstanding securities of Sphere 3D Inc. ("Sphere 3D") by way of a three cornered amalgamation of Sphere 3D and 8283729 Canada Inc., a wholly-owned subsidiary of T.B. Mining, and the shareholders of the amalgamated company received shares of T.B. Mining (subsequently renamed "Sphere 3D Corporation" upon filing of Articles of Amendment dated December 20, 2012) (the "Transaction"), Mario Biasini became the owner of or exercised control over 2,746,429 common shares in the capital of the of the Company (inclusive of 300,000 common shares held by Sandra Biasini, 300,000 common shares held by Vanessa Biasini, and 1,000,000 common shares held by Promotion Depot Inc., a company owned by Mr. Biasini).
As a result, Mr. Biasini and his affiliates beneficially own 2,746,429 common shares of the Resulting Issuer, representing approximately 17.0% of the issued and outstanding voting securities of the Company on a non‐diluted basis.
A copy of the Early Warning Report may be found on www.SEDAR.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Not for distribution to U.S. Newswire Services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. securities laws.
SOURCE: Sphere 3D Corporation
For further information:
Chief Financial Officer
Sphere 3D Corporation
Phone: (416) 749-5999