EDMONTON, Feb. 5, 2019 /CNW/ - Sine Chadi, President and CEO of Imperial Equities Inc. ("Imperial"), today has announced he has purchased additional Class "A" Common Shares in Imperial ("Common Shares").
On February 5, 2019, through a private sale, Imperial Land Corp. ("ILC") sold 500,000 Common Shares to Mr. Chadi at a price of $4.09 per share (the "Transaction"), for total consideration of $2,045,000.00. These 500,000 Common Shares represent approximately 5.22% of Imperial's issued and outstanding Common Shares. Mr. Chadi owns 41.833% of ILC, which owned 2,944,577 Common Shares prior to the Transaction, and which now owns 1,944,557 Common Shares after giving effect to the Transaction and a concurrent sale of Common Shares. Mr. Chadi acquired these additional Common Shares for investment purposes and should ILC offer to sell additional Common Shares in the future, Mr. Chadi intends to purchase same; he has no plan or future intention to dispose of any Common Shares.
Prior to the Transaction, Mr. Chadi, directly or indirectly, beneficially owned and controlled 2,883,900 Common Shares of IEI, being approximately 30.09% of Common Shares issued and outstanding. As a result of the Transaction, Mr. Chadi, directly or indirectly, now beneficially owns and controls 3,383,900 Common Shares, being approximately 35.31% of Common Shares issued and outstanding.
Mr. Chadi has no plan or future intention to pursue a merger, reorganization or liquidation transaction involving Imperial or any of its subsidiaries or to pursue a sale or transfer of a material amount of the assets of Imperial or any of its subsidiaries or to change the Imperial board of directors (including to change the number or term of directors or to fill any existing vacancy on the board) or to materially change Imperial's present capitalization or dividend policy or to make a material change to Imperial's business or corporate structure or to change Imperial's charter, bylaws or similar instruments, or to take any other action which might impede the acquisition of control of Imperial by any person or company or to delist a class of Imperial's securities from a marketplace or to cause a class of Imperial's securities to cease to be authorized to be quoted on a marketplace or to cause Imperial to cease to be a reporting issuer in any jurisdiction of Canada or to solicit proxies from securityholders in Imperial or to take any actions similar to the foregoing. There is no change to any material fact set out in a previous report filed by Mr. Chadi under the early warning requirements or Part 4 of National Instrument 62-103 (The Early Warning System and Related Take-Over Bid and Insider Reporting Issues) in respect of Imperial's securities.
Mr. Chadi has relied on the exemption contained at Section 4.2 of National Instrument 62-104 (Private Agreement Exemption) in acquiring the 500,000 Common Shares.
Mr. Chadi's address is 10060 Jasper Avenue, Suite 2151, Edmonton, Alberta, T5J 3R8. Imperial's offices are located at 10060 Jasper Avenue, Suite 2151, Edmonton, Alberta, T5J 3R8.
For additional information or to obtain a copy of the report (Form 62-103F1), contact Mr. Sine Chadi at 780-424-7227.
SOURCE Sine Chadi
For further information: Sine Chadi, Phone: 780 424-7227, Email: [email protected]