TORONTO, April 8, 2021 /PRNewswire/ – This press release is being issued pursuant to 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 regarding the acquisition of common shares of Ikänik Farms Inc. (formerly Canadian Imperial Venture Corp.) (the «Corporation«), a British Columbia corporation with its securities trading on the Canadian Securities Exchange under the symbol «IKNK» and having a head office located at 2100 Scotia Plaza – 40 King Street West, Toronto, Ontario M5H 3C2.
On April 6, 2021, Corporation has commencing trading on the Canadian Securities Exchange under the symbol «IKNK», following a business combination with Ikänik Farms Inc. («Former Ikänik«), as further described in the Corporation’s press releases dated March 1, 2021, March 30, 2021 and March 31, 2021 (the «Business Combination«).
The Business Combination was completed by way of a three-cornered amalgamation (the «Amalgamation«), pursuant to which the Corporation acquired all of the issued and outstanding shares of Former Ikänik and issued one Subordinate Voting Share or Series A Share, as applicable, to Former Ikänik shareholders in exchange for each equivalent share of Former Ikänik held.
Mr. Baca beneficially owns and controls 151,449 Series A Shares and 9,000 Series A Options, representing approximately 10.35% on a non-diluted basis of the outstanding Shares and 10.97% on a partially diluted basis, assuming the exercise of such Warrants.
Prior to the Business Combination, Mr. Baca did not own or control or direct any securities of the Corporation.
The securities owned by Mr. Baca following the business combination are held for investment purposes. Mr. Baca has a long-term view of the investment and may acquire additional securities of the Corporation including on the open market or through private acquisitions or sell securities of the Corporation including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.
A copy of the Early Warning Report disclosing the transaction can be obtained on the Corporation’s SEDAR profile at www.sedar.com or from the Corporation at 2100 Scotia Plaza – 40 King Street West, Toronto, Ontario M5H 3C2 or by phone at +1 951-210-7250.
SOURCE Ikanik Farms Inc.