TORONTO, May 4, 2020 /CNW/ - Zola Global Investors Ltd. ("Zola") announced today that it has acquired 1,000,000 common shares and 3,000,000 options to acquire an equivalent number of common shares of Cansortium Inc. (CSE: TIUM.U) ("Cansortium") as consideration for its services pursuant to a consulting agreement entered into between Zola and Cansortium. The incentive stock options, which are fully-vested, have an exercise price of US$0.255 per common share and an expiry date of May 4, 2023. The options were issued pursuant to Cansortium's stock option plan.
Before entering into the consulting agreement, assuming the conversion of all securities of Cansortium held by Zola that are convertible into common shares, Zola had beneficial ownership of, or control or direction over, 11,767,942 common shares, representing approximately 11.2% of the issued and outstanding common shares of Cansortium. This represented approximately 5.6% of the total votes attached to all of the issued and outstanding voting securities of Cansortium by virtue of Cansortium's proportionate voting shares, which entitle the holders thereof to 10 votes for each share held.
After giving effect to the issuance of the common shares and incentive stock options pursuant to the consulting agreement, and assuming the conversion of all securities of Cansortium held by Zola that are convertible into common shares, Zola has beneficial ownership of, or control or direction over, 15,767,942 common shares of Cansortium, representing approximately 14.5% of the issued and outstanding common shares. This represents approximately 7.5% of the total votes attached to all of the issued and outstanding voting securities of Cansortium.
Zola acquired the common shares and stock options in consideration for consulting services. Depending on market conditions and other factors, including Cansortium's business and financial condition, Zola may acquire additional securities of Cansortium or dispose of some or all of the securities of Cansortium that it owns at such time.
An early warning report will be filed by Zola under Cansortium's profile on SEDAR at www.sedar.com. Zola is located at 3076 Sir Francis Drake's Highway, Road Town, Tortola, British Virgin Islands and Cansortium's head office is located at 82 Northeast 26th Street, Unit 110, Miami, Florida 33137.
Zola is an operationally focused family office that deploys capital to help management teams build lasting and sustainable businesses.
SOURCE Zola Global Investors Ltd.