MONTREAL, QUEBEC–(Marketwired – June 6, 2016) – Genius Properties Ltd. (the “Corporation“) (CSE:GNI) today reports that Mr. Louis Lessard (“Mr. Lessard“) an insider of the Corporation, has acquired, during the period of April 6, 2016 to May 5, 2016, beneficial ownership of common shares exceeding 2% of the outstanding common shares of the Corporation.
This reporting threshold was reached on May 5, 2016 with the acquisition of 3,000,000 common shares in the capital of the Issuer, acquired privately pursuant to a prospectus exemption for investment purposes (the “Acquisition“). Mr. Lessard reserves the right to purchase additional securities of the Issuer or from time to time to dispose of any securities of the Issuer that he may own.
Following the Acquisition, Mr. Lessard holds, directly or indirectly, a total of 8,100,000 common shares, representing approximately 12.57% of the currently issued and outstanding common shares (or 10,100,000 common shares representing approximately 15.21% of the issued and outstanding common shares assuming all warrants held by Mr. Lessard are exercised and converted into common shares as of the date of the Acqusition).
This press release is being issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issuers which requires a report to be filed under the Corporation’s profile on SEDAR (www.sedar.com) containing additional information respecting the foregoing matters.
Mr. Lessard has provided the above information to the Corporation for inclusion in this news release.
Neither the CSE nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.