MKT:CC - Press Release Regarding Early Warning Report
(TheNewswire)
Vancouver, British Columbia – TheNewswire - April 13, 2022. This press releaseis issued pursuant to Multilateral Instrument 62-104 - Take-Over Bids and Issuer Bids andNational Instrument 62-103- TheEarly Warning System and Related Take-Over Bid and Insider ReportingIssues , in connection with the filing of an early warningreport regarding the transfer by Ranjeet Sundher, indirectly through1323552 B.C. Ltd. (the " Acquiror "), of 3,100,000 common shares (" Common Shares ") of DeepMarkitCorp. (the " Issuer ").
On April 12, 2022, the Acquiror, through 1323552 B.C. Ltd., a companycontrolled by the Acquiror, completed the sale of 3,100,000 CommonShares (the " SoldShares ") pursuant to a private transfer agreement.
Directly prior to the sale of the Sold Shares, the Acquiror held,directly and indirectly (including through 1323552 B.C. Ltd.),13,455,974 Common Shares and 200,000 options (the " Acquiror Options "),representing approximately 31.69% of the issued and outstanding CommonShares on an undiluted basis, and 32.01% of the issued and outstandingCommon Shares after giving effect to the exercise of the AcquirorOptions. Following completion of the sale of the Sold Shares, theAcquiror holds, directly and indirectly, 10,355,974 Common Shares and200,000 stock options, representing approximately 24.39% of the issuedand outstanding Common Shares on an undiluted basis, and 24.74% aftergiving effect to the exercise of the Acquiror Options. The Acquirorsold the Sold Shares for a price equal to $0.85 per Sold Share, fortotal consideration of $2,635,000.
The Acquiror is a director and officer of the Issuer, who wasinstrumental in reorganizing the capital structure of the Issuer(including a debt restructuring) to permit the Issuer to pursuecorporate objectives and obtain additional capital. The Acquiror hasa long-term view of his investment in the Issuer and believes thatreducing his voting concentration and diversifying the Issuer'sshareholder base will increase the attractiveness of the Issuer to theinvestment community. The Sold Shares were sold to an existingshareholder who has a similar long-term view of their investment inthe Issuer. In the future, the Acquiror may, from time to time,increase or decrease his direct and indirect ownership, control ordirection over Common Shares or other securities of the Issuer throughmarket transactions, private agreements or otherwise, depending onmarket conditions and other relevant factors.
An early warning report respecting the sale of the Disposed Shareswill be filed with the applicable securities commissions using theSystem for Electronic Document Analysis and Retrieval (SEDAR) and willbe available for viewing on the Company's profile at www.sedar.com .
For additional information regarding this news release please contact:Ranjeet Sundher, Tel: (604) 671-6962.
NEITHER THE TSXVENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAVE REVIEWED ORACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THISRELEASE.
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