EDMONTON, Feb. 5, 2019 /CNW/ - Jamel H. Chadi Professional Corporation (the "Corporation"), a Shareholder of Imperial Equities Inc. ("Imperial"), today has announced it has purchased additional Class "A" Common Shares in Imperial ("Common Shares").
On February 5, 2019, through a private sale, Imperial Land Corp. ("ILC") sold 500,000 Common Shares to the Corporation at a price of $4.09 per share (the "Transaction"), for total consideration of $2,045,000.00. These 500,000 Common Shares represent approximately 5.22% of Imperial's issued and outstanding Common Shares. The Corporation owns 24.883% of ILC, which owned 2,944,577 Common Shares prior to the Transaction, and which now owns 1,944,557 Common Shares after giving effect to the Transaction and a concurrent sale of Common Shares. The Corporation acquired these additional Common Shares for investment purposes and should ILC offer to sell additional Common Shares in the future, the Corporation intends to purchase same; it has no plan or future intention to dispose of any Common Shares.
Prior to the Transaction, the Corporation, directly or indirectly, beneficially owned and controlled 463,594 Common Shares of IEI, being approximately 4.84% of Common Shares issued and outstanding. As a result of the Transaction, the Corporation, directly or indirectly, now beneficially owns and controls 963,594 Common Shares, being approximately 10.05% of Common Shares issued and outstanding.
The Corporation 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 the Corporation 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.
The Corporation has relied on the exemption contained at Section 4.2 of National Instrument 62-104 (Private Agreement Exemption) in acquiring the 500,000 Common Shares.
The Corporation's office is located at 10060 Jasper Avenue, Suite 1901, 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. Jamel (Jake) Chadi at 780-429-2300.
SOURCE Jamel H. Chadi Professional Corporation
For further information: Jamel (Jake) Chadi, Phone: 780 429-2300, Email: [email protected]