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VANCOUVER, BC, Feb. 9, 2021 /CNW/ – Travis Chen, (the “Investor“) insider of Kadestone Capital Corp. (TSXV: KDSX) (the “Company” or “Kadestone“), today reported that he acquired 500 common shares (the “Shares“) of the Company for aggregate consideration of C$875 (the “Acquisition“). The Shares represented approximately 0.001% of the issued and outstanding common shares of the Company as of February 5, 2021 (the “Common Shares“).
The Acquisition by the Investor was completed on the TSX Venture Exchange pursuant to the “normal course purchase exemption” in Section 4.1 of National Instrument 62-104 â Take-Over Bids and Issuer Bids (“62-104“). The Investor is entitled to rely on this exemption as: (a) the bid was for not more than 5% of the outstanding Common Shares; (b) the aggregate number of Common Shares acquired in reliance on this exemption by the Investor and any person acting jointly or in concert with the Investor within any period of 12 months, when aggregated with acquisitions otherwise made by the Investor and any person acting jointly or in concert with the Investor within the same 12-month period, other than under a bid that is subject to Part 2 of 62-104, does not exceed 5% of the Common Shares outstanding at the beginning of the 12-month period; (c) there is a published market for the Common Shares; and (d) the value of the consideration paid for the Shares was not in excess of the market price at the date of the acquisition, as determined in accordance with Section 1.11 of 62-104, plus reasonable brokerage fees or commissions actually paid. This Acquisition will be reported on the System for Electronic Disclosure by Insiders (SEDI) and took place on February 5, 2021 at a price of C$1.75 per Share.
Prior to the Acquisition, the Investor beneficially owned 14,891,375 Common Shares, which represented approximately 32.016% of the issued and outstanding Common Shares on February 4, 2021. Following the Acquisition, the Investor owns and controls, directly or indirectly, 14,891,875 Common Shares, representing approximately 32.017% of the issued and outstanding Common Shares as of February 5, 2021.
The Investor acquired the Shares for investment purposes. The Investor may from time to time acquire additional securities, dispose of some or all of the existing or additional securities or may continue to hold the securities of the Company.
About Kadestone Capital Corp.
Kadestone was established to pursue the investment in, development, acquisition, and management of residential and commercial income producing properties within major urban centres and high-growth, emerging markets in Canada. The Company operates five complimentary business lines spanning building materials procurement and supply, property development and construction, construction finance, asset ownership, and property management. These synergistic business lines have solidified Kadestone’s vision to become a market leading vertically integrated property company. Additional information can be found at www.kadestone.com.
ON BEHALF OF THE BOARD
(signed) “Brent Billey”
President, CEO and Director
Cautionary Statement Regarding Forward Looking-Statements
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Certain information in this press release, including, but not limited to, statements regarding the Investor’s future plans, may constitute forward looking information (collectively, forward-looking statements), which can be identified by the use of terms such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue” or “believe” (or the negatives) or other similar variations. Because of various risks and uncertainties, including those referenced below, actual events or results may differ materially from those reflected or contemplated in such forward-looking statements. As a result, you should not rely on such forward-looking statements. Additional information identifying assumptions, risks and uncertainties relating to Kadestone is contained in Kadestone’s filings with the Canadian securities regulators available at www.sedar.com. These risks include those described in the “Risk Factors” section of the Company’s final prospectus dated September 2, 2020 and in the Management’s Discussion and Analysis for the three and nine months ended September 30, 2020. The forward-looking statements in this press release are applicable only as of the date of this release or as of the date specified in the relevant forward-looking statement.
SOURCE Kadestone Capital Corp.
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