Early Warning Press Release
MIAMI, FL, July 31, 2020 /CNW/ - Scott J. Van Rixel will file an early warning report advising of his decrease in percentage holdings of multiple voting shares of Bhang Inc. (the "Issuer"). Mr. Van Rixel's decrease in his share of percentage ownership in the Issuer occurred as a result of the private sales of an aggregate of 21,700 multiple voting shares of the Issuer for total proceeds of $320,000, representing a price of $14.75 per share.
Upon completion of the sales on July 30, 2020, Mr. Van Rixel now owns 10,013.876 multiple voting shares of the Issuer representing approximately 16.78% of that class on an undiluted and diluted basis. Mr. Van Rixel now has post conversion beneficial ownership of 12,263,876 subordinate voting shares of the Issuer representing approximately 11.63% of that class on a partially diluted basis (assuming the full conversion of the multiple voting shares and stock options of the Issuer owned by Mr. Van Rixel). Prior to the completion of the sales, Mr. Van Rixel owned 51.67% of the multiple voting shares of the Issuer on an undiluted basis and had post conversion beneficial ownership of 27.07% of the subordinate voting shares of the Issuer on a partially diluted basis (assuming the full conversion of the multiple voting shares and stock options of the Issuer owned by Mr. Van Rixel).
The securities were disposed of for investment liquidation purposes. Depending on market conditions and other factors, Mr. Van Rixel may from time to time acquire additional securities of the Issuer, or continue to hold or dispose of some or all of the securities of the Issuer in the open market, by private agreement or otherwise.
This news release is issued pursuant to National Instrument 62-103 ? The Early Warning System and Related Take-Over Bid and Insider Reporting Issues ("NI 62-103") of the Canadian Securities Administrators, which also requires an early warning report to be filed with the applicable securities regulators containing additional information with respect to the foregoing matters. A copy of the early warning report of Mr. Van Rixel will be available on the Issuer's profile on SEDAR at www.sedar.com.
SOURCE Scott J. Van Rixel
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