TORONTO, Oct. 21, 2014 /CNW/ - On October 20, 2014, Joseph MacLean (the "Offeror"), through 3271662 Nova Scotia Limited, acquired ownership and control of 790,512 common shares ("Common Shares") of the Jemi Fibre Corp. (the "Issuer") pursuant to a private share purchase agreement (the "Purchase Agreement"). As a result, the Offeror holds 3,457,179 Common Shares of the Issuer, representing 7.22% of the 47,852,480 issued and outstanding Common Shares of the Issuer. The Offeror also holds 2,666,667 warrants of the Issuer ("Warrant"). Each Warrant can be exercised into one Common Share of the Issuer at a price of $0.25 until June 6, 2019.
If the Offeror exercises the Warrants, the Offeror could hold 6,123,846 Common Shares of the Issuer, representing 12.12% of the 50,519,147 issued and outstanding Common Shares of the Issuer (consisting of the 47,852,480 current Common Shares outstanding and the 2,666,667 Common Shares that would be issued upon the exercise of the Warrants).
The consideration paid for the Common Shares acquired under the Purchase Agreement is $1.05 per Common Share.
The Common Shares and Warrants are held by the Offeror for investment purposes. Depending on market and other conditions, the Offeror may, directly or indirectly, acquire ownership or control over additional Common Shares or Warrants, through market transactions, private agreements or otherwise, in accordance with applicable securities legislation. Depending on market and other conditions (and subject to any lock-up agreements), the Offeror may sell any of his Common Shares or exercise his Warrants.
The Filer is relying on the private agreement exemption under section 100.1(1) of the Securities Act (Ontario). The purchase price was CDN $1.05. The aggregate price paid for the securities, including commission, if any, did not exceed 115% of the market price of the securities at the date of the bid as determined in accordance with the regulations.
The filing of this release is not an admission that any entity named in this report owns or controls any securities described in this report or is a joint actor with another named entity.
SOURCE: Joseph MacLean
For further information: A copy of the early warning report to be filed by the Offeror in connection with the transactions referred to in this press release may be obtained from the Offeror at +18.104.22.16886. The address of the Offeror is: 5 Hazelton Avenue, Suite 300, Toronto, Ontario, M5R 2E1