VANCOUVER, Jan. 9, 2019 /CNW/ - Zahra Kassam ("Zahra") and Iqbal Kassam ("Iqbal") announced today that, on September 28, 2018, Zahra and Zynik Capital Corporation ("Zynik") entered into a share purchase agreement whereby Iqbal sold to Zahra, indirectly through Zynik, a company controlled by him, 3,653,840 common shares ("Common Shares") of Noble Iron Inc. (the "Issuer") at $0.3125 per Share for aggregate consideration of $1,141,825.
Prior to the sale of Common Shares, Iqbal and Zynik reported that they beneficially owned or had control or direction over an aggregate of 3,776,209 Common Shares, representing approximately 13.77% of the 27,417,479 then issued and outstanding Common Shares as reported by the Issuer in its management's discussion and analysis dated May 26, 2016.
As a result of the sale of Common Shares, Iqbal owns, directly or indirectly, 122,369 Common Shares, representing less than 10% of the 27,267,479 issued and outstanding Common Shares as reported by the Issuer in its management's discussion and analysis dated November 27, 2018.
As a result of the acquisition of Common Shares, Zahra owns 3,653,840 Common Shares, representing approximately 13.40% of the 27,267,479 issued and outstanding Common Shares as reported by the Issuer in its management's discussion and analysis dated November 27, 2018.
The Common Shares were acquired or disposed of for investment purposes. Zahra's and Iqbal's investments will be reviewed on a continuing basis and the holdings may be increased or decreased in the future.
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 requires a report to be filed on SEDAR (www.sedar.com) containing additional information with respect to the foregoing matters.
SOURCE Zynik Capital Corporation
For further information: Iqbal Kassam, Chairman, Zynik Capital Corporation, 950-1040 West Georgia Street, Vancouver, BC V6E 4H1, Telephone: (604) 654-2555; Zahra Kassam, 2 Theatre Square, Ste 211, Orinda CA 94563