Toronto, Ontario--(Newsfile Corp. - September 21, 2020) - This press release is being disseminated as required by 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 (the "Early Warning Report") regarding securities of Environmental Waste International Inc. (TSXV: EWS) (the "Company") owned by Thornbury Holdings Ltd. ("Thornbury").
On September 18, 2020 the Company completed the conversion of a convertible debenture with an unrelated third party and issued 25,114,037 Common Shares, which resulted in the dilution of the Company's Common Shares (the "Transaction"). As a result of the Transaction, Thornbury's security holding percentage decreased below 10% on a partially diluted basis.
As indicated in Thornbury's Early Warning Report, prior to September 18, 2020 Thornbury beneficially owned 20,825,586 Common Shares and 2,500,000 Warrants, representing 10.5% of the outstanding Common Shares of the Company on a partially diluted basis. Following the Transaction, Thornbury has ownership or control over 20,825,586 Common Shares and 2,500,000 Warrants, representing approximately 9.4% of the issued and outstanding Common Shares of the Company on a partially diluted basis and 8.5% on an undiluted basis.
Thornbury may, from time to time, take such actions in respect of its holdings in securities of the Reporting Issuer as it may deem appropriate in light of the circumstances then existing, including (i) acquiring, exercising, converting, exchanging, selling or otherwise disposing of securities of the Reporting Issuer or securities exercisable for, or convertible or exchangeable into, securities of the Reporting Issuer, and (ii) developing plans or intentions or taking actions which relate to or would result in one or more of the transactions or matters referred to in paragraphs (a) through (k) of Item 5 of the Early Warning Report filed on SEDAR.
A copy of Thornbury's Early Warning Report with respect to the foregoing is filed under applicable securities laws and is available under the Company's profile on SEDAR at www.sedar.com.
Thornbury Holdings Ltd.
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