PKKFF - Tenet Fintech Group CEO Provides Update on Interest in the Company
Montreal, Québec--(Newsfile Corp. - September 11, 2023) - Johnson Joseph, the President, Chief Executive Officer and a director of Tenet Fintech Group Inc. (the "Company"), acquired ownership and control of 350 units of the Company (705 - 119 Spadina Ave., Suite 2702, Toronto, Ontario M5V 2L1) (the "Units") on September 8, 2023, for a purchase price of $350,000. Mr. Joseph (902-242 Young Street, Montréal, Q.C. H3C 0R7) acquired the Units under the third tranche closing of the Company's financing for gross proceeds of up to $20,000,000 (the "Financing"). More information regarding the Financing is available in the news releases of the Company dated June 29, 2023, August 1, 2023, August 18, 2023 and September 8, 2023. The acquisition of the Units did not take place across the facilities of any market.
Each Unit is comprised of: (i) one 10.0% non-secured convertible debenture of the Company in the principal amount of $1,000 (a "Convertible Debenture"); and (ii) 4,000 warrants (the "Warrants") to purchase common shares of the Company (the "Common Shares"). The Convertible Debentures will mature 36 months from the date of issuance (the "Maturity Date") and, subject to prior conversion in accordance with their terms, will be repaid in cash at the Maturity Date. Each Warrant will be exercisable to acquire one Common Share at an exercise price of $0.50 per share for a period of 24 months from the date of issuance thereof.
Immediately prior to the completion of the acquisition of securities of the Company on September 8, 2023, Mr. Joseph had ownership of, and control and direction over, an aggregate of (i) 3,144,654 Common Shares of the Company representing approximately 2.76% of the then-issued and outstanding Common Shares of the Company on a non-diluted basis (9.70% of the then-issued and outstanding Common Shares on a partially diluted basis); (ii) 758,500 stock options of the Company ("Options") representing approximately 21.62% of the outstanding Options; (iii) 4,000,000 warrants representing approximately 7.66% of the outstanding warrants; and (iv) $1,000,000 principal amount of Convertible Debentures, representing approximately 8.49% of outstanding Convertible Debentures. Immediately following the completion of the acquisition of securities of the Company on September 8, 2023, Mr. Joseph had ownership of, and control and direction over, an aggregate of (i) 3,144,654 Common Shares of the Company, representing approximately 2.76% of the issued and outstanding Common Shares of the Company on a non-diluted basis (11.71% of the issued and outstanding Common Shares on a partially diluted basis); (ii) 758,500 Options, representing approximately 21.62% of the outstanding Options; (iii) 5,400,000 Warrants, representing approximately 9.81% of the outstanding Warrants; and (iv) $1,350,000 principal amount of Convertible Debentures, representing approximately 10.81% of the outstanding Convertible Debentures.
Mr. Joseph holds the Common Shares, Options, Warrants and Convertible Debentures for investment purposes. Mr. Joseph may, from time to time, take such actions in respect of his holdings in securities of the Company as he may deem appropriate in light of the circumstances then existing, including the purchase of additional Common Shares or other securities of the Company or the disposition of all or a portion of his security holdings in the Company, subject in each case to applicable securities laws and the terms of such securities.
This news release is being disseminated in accordance with National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the filing of an early warning report on www.sedarplus.ca under the Company's profile. To obtain a copy of the early warning report filed by Mr. Joseph, please contact Mr. Joseph at (514) 340-7775, or refer to www.sedarplus.ca under the Company's profile.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/180188