CALGARY, March 6, 2017 /CNW/ - Mustang Asset Management Inc. ("Mustang") disposed on March 3, 2017 ownership of 911,000 common shares ("Common Shares") and 1,410,000 convertible preferred shares ("Preferred Shares") of Deploy Technologies Inc. ("Deploy") (the "Dispositions") to certain purchasers (the "Purchasers") in accordance with the terms of share purchase agreements ("Share Purchase Agreements") among Mustang and the Purchasers dated March 3, 2017.
Mustang disposed of the Common Shares at a price of $0.007 per Common Share and the Preferred Shares at prices ranging from nominal consideration to $0.25 per Preferred Share for aggregate gross proceeds of $192,460. Immediately prior to the Dispositions, Mustang owned 911,062 (14%) of the issued and outstanding Common Shares on an undiluted basis and 2,475,500 (100%) of the issued and outstanding Preferred Shares on an undiluted and diluted basis. As a result of the Dispositions, Mustang owns 62 (<0.01%) of the issued and outstanding Common Shares on an undiluted basis and 1,065,500 (43%) of the issued and outstanding Preferred Shares on an undiluted and diluted basis.
The Dispositions were completed for asset management purposes.
The Dispositions are exempt from the prospectus requirements of applicable securities laws pursuant to the exemption contained in Section 2.8 of National Instrument 45-102 — Resale of Securities.
This press release is issued pursuant to National Instrument 62-103 — The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which also requires a report to be filed with regulatory authorities in each of the jurisdictions in which Deploy is a reporting issuer containing information with respect to the foregoing matters (the "Early Warning Report").
The Canadian Securities Exchange has not reviewed and does not accept the responsibility for the adequacy of this press-release.
About Mustang Asset Management Inc.
Mustang is a private Alberta corporation with its head office located at 3400, 350-7th Avenue SW, Calgary, Alberta. Mustang identifies and invests in developing technology companies.
About Deploy Technologies Inc.
Deploy is a public Nevada corporation listed on the Canadian Securities Exchange with its head office located at 19011-1153 56th Street, Delta, British Columbia. Deploy designs and develops technologies for industrial Weights and Measures applications assisting organizations to become more efficient, productive, and profitable.
SOURCE Mustang Asset Management Inc.
For further information: A copy of the Early Warning Report will appear with Deploy's documents on the System for Electronic Document Analysis and Retrieval and may also be obtained by contacting Ron Frank on behalf of Mustang at 778-668-7722.