Kernwood Limited Announces Acquisition of Additional Shares of Velan Inc.

TORONTO, March 17, 2021 /CNW/ - Kernwood Limited ("Kernwood") reports pursuant to the Early Warning Requirements of Ontario's securities laws that it purchased 19,500 subordinate voting shares ("Velan Shares") in the capital of Velan Inc. ("Velan") on March 17, 2021 in normal course transactions on the Toronto Stock Exchange with the result that Kernwood, together with its shareholders and related family members, collectively own 1,343,099 Velan Shares, representing approximately 22.3141% of the total outstanding Velan Shares. The 19,500 Velan Shares were purchased at an average of $8.3845 per Velan Share, for an aggregate of $163,497.75.

Kernwood is a private holding company that invests in securities of private and public companies.

The acquisition of the Velan Shares by Kernwood was undertaken for investment purposes. Kernwood does not have any current plans or future intentions to buy or sell further Velan Shares, to solicit proxies or to otherwise participate in any significant transaction involving Velan.  Kernwood intends to review its investment on a continuing basis. Depending on various factors, Kernwood may in the future purchase or sell securities or engage in other activities relating to Velan.

Kernwood relied on the normal course purchase exemption from the formal take-over bid requirements under Section 4.1 of National Instrument 62-104 with regards to the March 17, 2021 purchase of Velan Shares.

Kernwood's head office is located at 75 Wellington St. W., TD South Tower, Suite 605, P.O. Box 346, TD Centre, Toronto, Ontario M5K 1K7. 

Kernwood will be filing an Early Warning Report under Velan's profile on SEDAR and copies of the report may be obtained at www.sedar.com or from Kernwood by contacting Edward Kernaghan at [phone].

SOURCE Kernwood Limited