TORONTO, Oct. 27, 2017 (GLOBE NEWSWIRE) -- LeadFX Inc. (“LeadFX” or the “Company”): This press release is being disseminated as required by National Instrument 62-103 The Early Warning System and Related Take Over Bids and Insider Reporting Issues in connection with the acquisition of securities of the Company by InCoR Energy Materials Limited (the “Acquiror”, together with InCoR Technologies limited “InCoR”).
The Acquiror announces that, on October 27, 2017, LeadFX issued to the Acquiror 964,031 Common Shares representing approximately 2.4% of the issued and outstanding common shares. The Common Shares were acquired on a private placement basis at a price of $0.80 per Common Share for gross cash consideration of $771,225 (the “Securities”).
Prior to the transaction, InCoR held 642,688 common shares and warrants to acquire up to 28,750,000 common shares of the Company representing approximately 43.1% of the issued and outstanding common shares (assuming full exercise of the warrants). After giving effect to the acquisition of the Securities under this placement, and assuming the full exercise of the warrants and no additional issuances of common shares, InCoR would own an aggregate of 30,356,719 common shares of the Issuer representing approximately 43.3% of the outstanding common shares, expressed on a non-diluted basis.
The Securities were acquired on a private placement basis by InCoR for investment purposes and InCoR may, depending on market and other conditions, increase or change its beneficial ownership over the common shares or other securities of the Company through market transactions, private agreements, treasury issuances, exercise of convertible securities or otherwise.
A copy of the Early Warning Report filed under applicable securities laws is available under the Company’s profile on SEDAR (www.sedar.com). A copy of such report may also be obtained by contacting DS Lawyers Canada LLP, the Acquiror’s Canadian legal counsel, at kwells@dsavocats.ca.
As disclosed on its SEDAR profile, LeadFX’s head office is located at 1 Adelaide Street East, Suite 3001 Toronto, Ontario M5C 2V9.
The name and address of the “Acquiror” filing the report is:
InCoR Energy Materials Limited
Attn: Jocelyn Bennett
12 Upper Berkeley Street,
London, W1H 7QD,
United Kingdom
Kyler Wells
kwells@dsavocats.ca
1.647.477.7317