VANCOUVER, Aug. 15, 2018 /CNW/ - On August 13, 2018, Kulwant Malhi (the "Acquiror") acquired ownership of an additional 718,000 common shares (the "Shares") of GrowMax Resources Corp. (the "Issuer"), increasing the Acquiror's ownership interest in the Issuer to 12.23% of the outstanding Shares. Immediately prior to the transaction the Acquiror held 25,440,500 Shares representing approximately 11.89% of the Issuer's outstanding Shares. Immediately after the transaction, the Acquiror held 26,158,500 Share representing approximately 12.23% of the Issuer's outstanding Shares. The Acquiror paid $0.1425 per Share for a total purchase price of $102,315.00.
The Shares were acquired for investment purposes and to further the Acquiror's aim of changing the board of directors of the Issuer. Depending on market conditions, the Acquiror may in the future increase or decrease his investment in the Issuer. The Acquiror intends to nominate an alternate slate of directors at the Issuer's annual meeting scheduled for September 25, 2018. The Acquiror may solicit proxies in connection with the Issuer's annual meeting, subject to applicable law.
An Early Warning Report respecting this acquisition will be filed on the System for Electronic Document Analysis and Review ("SEDAR") under the Issuer's profile and can be viewed at . A copy of the Early Warning Report will be available upon request made to the Acquiror's counsel, McMillan LLP, at 1500, 1055 West Georgia Street, Vancouver, British Columbia, V6E 4N7, Attention: Cory Kent.
The Acquiror has filed an amended and restated early warning report (the "Restated Early Warning Report") that re-states the early warning report filed August 3, 2018. The Restated Early Warning Report was filed to correct aspects of the report that were not done in accordance with the requirements of National Instrument 62-103 including reporting the transaction on August 1st, 2018 in which the Acquiror first exceeded a 10% securityholding interest in the Issuer and disclosing the Acquiror's intentions with respect to changing the board of directors.
(Signed) Kulwant Malhi
SOURCE Kulwant Malhi
For further information: KULWANT MALHI, c/o Suite 915, 700 W Pender St, Vancouver BC V6C 1G8