VANCOUVER, British Columbia, Sept. 10, 2018 (GLOBE NEWSWIRE) -- This press release is issued pursuant to National Instrument 62-104 Take-Over Bids and Issuer Bids and 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 dated the date hereof.
Roy Sebag (“Sebag”) filed an early warning report today in connection with the acquisition of 815,500 common shares (the “Shares”) in the capital of Fortress Blockchain Corp. (“Fortress”) through the facilities of the Toronto Stock Exchange at an average price of $0.14 per share between September 6 and September 7, 2018 (the “Acquisitions”).
Prior to the Acquisitions, Sebag had ownership or direction and control over an aggregate of 6,998,192 common shares of Fortress, representing approximately 9.5% of the issued and outstanding common shares of Fortress on a partially diluted basis. On an undiluted basis, Sebag owned or directed or controlled 4,540,500 common shares of Fortress prior to the Acquisitions, representing 6.3% of the issued and outstanding common shares of Fortress.
Following the Acquisitions, Sebag has ownership or direction or control over 7,813,692 common shares representing 10.6% of the issued and outstanding common shares of Fortress on a partially diluted basis. On an undiluted basis, Sebag now holds 5,356,000 common shares of Fortress, representing 7.5% of Fortress’s issued and outstanding shares.
The Shares were purchased by Sebag for investment purposes. Sebag expects to evaluate on an ongoing basis Fortress’s financial condition, results of operations, business and prospects, the market price of the Shares, conditions in securities markets generally and in the market for shares of companies like Fortress, general economic and industry conditions and other factors that Sebag deems relevant to his investment decisions. Based on such evaluations, Sebag may at any time or from time to time determine to acquire additional Shares, or securities convertible into or exchangeable for Shares or derivative relating to Shares, or to dispose of Shares or securities convertible into or exchangeable for Shares or derivatives relating to Shares that Sebag owns or may hereafter acquire, through open market or privately negotiated transactions or otherwise, at such prices and on such terms as he deems advisable. Sebag intends to monitor his investment in the Shares. Sebag and his representatives and advisers may communicate with other shareholders, industry participants and other interested parties concerning Fortress. In addition, based on Sebag’s continuing evaluation of the foregoing factors, Sebag reserves the right to change his plans and intentions at any time or from time to time, as he deems appropriate.
Fortress Blockchain is located at 320 - 638 Broughton Street Vancouver, British Columbia V6G 3K3
The above-referenced early warning report relating to this press release has been filed on System for Electronic Document Analysis and Review (SEDAR) at www.sedar.com under Fortress’s issuer profile.
For further information or to obtain a copy of the early warning report, please contact Prit Singh, Investor Relations for Fortress, at 905-510-7636 or ir@fortressblockchain.io.
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 of this release.