MWM ENTERPRISES LTD. acquires common shares of genesis Land development corp.

VANCOUVER, BC, Jan. 5, 2022 /CNW/ - MWM Enterprises Ltd. (MWM) announces that on December 23, 2021, it acquired an aggregate of 3,008,186 common shares of Genesis Land Development Corp. (Genesis) under the Genesis Land Development rights issue. In aggregate, the acquired shares represent approximately 5.3% of the issued and outstanding common shares of Genesis.

MWM exercised 7,790,333 Rights to acquire 2,791,344 Common Shares under the Basic Subscription Privilege and acquired an additional 216,842 Common Shares under the Additional Subscription Privilege all at a price of $2.00 per common share for an aggregate consideration of $6,016,372. Following the expiry time of the rights offering, 56,863,335 common shares in the capital of the Genesis were issued and outstanding.

Prior to the Expiry Time, MWM beneficially owned or controlled 7,790,333 Common Shares (representing approximately 18.6% of the outstanding Common Shares), 135,000 Options and 7,790,333 Rights (representing approximately 18.9% of the outstanding Common Shares on a partially diluted basis, assuming only the exercise of the Options and Rights held by MWM).

Following the Expiry Time, MWM beneficially owned or controlled 10,798,519 Common Shares (representing approximately 19.0% of the outstanding Common Shares) and 135,000 Options (representing approximately 19.2% of the outstanding Common Shares on a partially diluted basis, assuming only the exercise of the Options held by MWM).

MWM acquired the common shares for passive investment purposes. MWM and/or its joint actors may, from time to time, directly or indirectly, acquire or sell securities of the Corporation.

An early warning report in connection with this press release is being filed by MWM in accordance with applicable Canadian securities laws and will be available on the SEDAR at www.sedar.com.

For more information, including to obtain a copy of the early warning report to which this press release relates, please contact:

MWM Enterprises Ltd.
Attn: Mark Mitchell
Address: Suite 1204
1755 West 14th Avenue
Vancouver, BC
V6J 2J6

Telephone: [phone]
E-mail: [email protected]

SOURCE MWM Enterprises Ltd.