Trading Symbol: FFP
VANCOUVER, Oct. 1, 2014 /CNW/ - Consolidated Firstfund Capital Corp. ("Firstfund" or the "Company") has acquired ownership of 5,980,000 common shares of Vitality Products Inc. ("Vitality") pursuant to the automatic conversion of its 46,000 Class "A" Preference Shares, Series 6 at a deemed value of $10.00 per Preference Share in the capital of Vitality ("Preference Shares"), plus all unpaid dividends accrued thereon to the date of conversion, at the conversion price of $0.10 per common share. The address of the Company is #304 - 837 West Hastings Street, Vancouver, British Columbia V6C 3N6. Vitality is a related company managed by common directors and common officers.
The 5,980,000 common shares of Vitality acquired by Firstfund represent 23.12% of the outstanding common shares of Vitality. Firstfund, through either direct ownership or indirect ownership, beneficially owns 7,008,671 or 27.09% of the issued and outstanding common shares of Vitality. The conversion of the Preference Shares does not affect the direct holdings of the Estate of William Neil Grant (the "Estate"), which is currently 4,492,563 common shares of Vitality or 17.37% of the issued and outstanding common shares, but does affect its indirect holdings to the extent described above, since the Estate is a control person of Firstfund and owns 74.86% of Firstfund. Therefore, the Estate beneficially owns or controls, directly and indirectly, 11,501,234 common shares of Vitality or 44.46% of the outstanding common shares of Vitality. The Estate also controls 26,920 Class "A" Preference Shares, Series 3 of Vitality or 100% of the outstanding Class "A" Preference Shares, Series 3 of Vitality. These Preference Shares are owned by Firstfund.
The executors of the Estate are Sue J. Grant, W. Douglas Grant, R. Brian Grant and Cheryl A. Grant (the "Executors"). For so long as the Estate beneficially owns or controls the common shares and preference shares of Vitality, the Executors are in accordance with Mr. Grant's will vested with the power to make all decisions with respect to such common shares and preference shares, including without limitation, voting and transacting in such shares. Accordingly, the Executors of the Estate may be considered to have control or direction over the common shares and preference shares beneficially owned or controlled by the Estate. Each Executor also directly and indirectly beneficially owns common shares for his or her own account. The address of the Estate is c/o 2901 - 837 West Hastings Street, Vancouver, British Columbia, V6C 3N7. The Executors of the Estate may also be reached at the address of the Estate. The common shares and preference shares are held for investment purposes and Firstfund or the Estate may, depending on market and other conditions, increase or decrease its ownership position in securities of Vitality through market transactions or otherwise. A copy of the Early Warning Report will be available on the SEDAR website at www.sedar.com.
On behalf of the Board of
CONSOLIDATED FIRSTFUND CAPITAL CORP.
W. Douglas Grant (signed)
W. Douglas Grant, President & CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Consolidated Firstfund Capital Corp.
For further information: For further information or to obtain a copy of the Early Warning Report, please contact: W. Douglas Grant, President & CEO at (604) 683-6611 or [email protected]