TORONTO, May 30, 2019 /CNW/ - Prodigy Ventures Inc. (TSXV: PGV) ("Prodigy" or the "Company") today announced that the Company's Chief Executive Officer, Tom Beckerman has filed an early warning report (the "Report") under the Company's profile on www.sedar.com as summarized below. This press release is being disseminated as required by National Instrument 62-103, The Early Warning System and Related Take-Over Bids and Insider Reporting Issues in connection with the filing of an early warning report.
Prior to the completion of the transaction set forth in the Report, Tom Beckerman of 82 Kilbarry Road, Toronto, Ontario M5P 1K7 owned 14,802,408 common shares in the capital of the Company (directly and through his RRSP) and 62,243,242 restricted voting shares in the capital of the Company. In addition, Mr. Beckerman controlled an additional 7,788,482 common shares and an additional 25,049,110 restricted voting shares pursuant to a voting trust agreement entered into with certain shareholders.
On May 30, 2019 Mr. Beckerman acquired a total of 919,666 restricted voting shares at an average price of $0.033 per share for total consideration of $30,041.27 and disposed of 306,000 restricted voting shares at a price of $0.033 per share for total consideration of $9,995.62 for a net acquisition of 613,666 restricted voting shares. In addition, a shareholder that was subject to the above referenced voting trust agreement sold a total of 4,977,848 restricted voting shares to purchasers other than the Mr. Beckerman and following such dispositions such restricted voting shares were no longer subject to the voting trust agreement. As a result of the foregoing transactions the percentage of restricted voting shares of the Company owned or controlled by Mr. Beckerman decreased from 99.1% to 93.3%. In Mr. Beckerman's most recently filed early warning report he owned or controlled 99.1% of the restricted voting shares and the resulting 5.8% reduction has resulted in the requirement to file the Report.
Immediately before the transaction that triggered the requirement to file the Report, the Acquiror owned or controlled a total of 22,590,890 common shares and 87,292,352 restricted voting shares representing 82.3% of the issued and outstanding common shares and 99.1% of the issued and outstanding restricted voting shares. Immediately following the Transaction that triggered the requirement to file the Report, the Acquiror owned or controlled a total of 22,590,890 common shares and 82,115,082 restricted voting shares representing 82.3% of the issued and outstanding common shares and 93.3% of the issued and outstanding restricted voting shares.
Neither Mr. Beckerman, nor to the knowledge of Mr. Beckerman, any of the Joint Actors, have a present intention to acquire or dispose of additional securities. Such intention may change depending on various factors including, without limitation, the Company's financial position, the price levels of the common shares of the Company, conditions in the securities markets and general economic and industry conditions, the Company's business or financial condition, and other factors and conditions Mr. Beckerman and/or the Joint Actors deem appropriate, Mr. Beckerman and/or the Joint Actors may acquire or dispose of additional securities in the future but have no current plans or future intentions to do so.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
About Prodigy Ventures Inc.
Prodigy is an innovation company that has combined an enterprise technology services business - Prodigy Labs - with a Venture Builder business. The two businesses work together to create and deliver new enterprise and consumer platforms and apps using emerging technologies in mobile, video, digital identity, voice, blockchain, artificial intelligence, payments and augmented reality.
Prodigy has been ranked as the 9th fastest growing Canadian company on the 2018 Growth 500, Canadian Business' Ranking of Fastest-Growing Canadian Companies. Prodigy has also been named as one of Canada's fastest growing technology companies in the 19th, 20th and 21st annual Deloitte Technology Fast 50™ awards for demonstrating bold innovation, dedicated leadership and strong growth. In addition, Prodigy also ranked on Deloitte's Technology Fast 500™, a ranking of the 500 fastest growing technology, media, telecommunications, life sciences and energy tech companies in North America. Prodigy has also been named to the prestigious Branham300 list for the second consecutive year. This ranking recognizes the financial performance of Canadian companies in the Information and Communications Technologies sector.
SOURCE Prodigy Ventures Inc.
For further information: Andrew Hilton, Prodigy Ventures Inc., Chief Financial Officer, Andrew.Hilton@Prodigy.Ventures, 416-606-8833