Ascendant Group Holdings Inc.

April 18, 2016 20:43 ET

Ascendant Group Holdings Inc. Announces TSX Venture Exchange Approval of Assignment of Stock Options

TORONTO, ONTARIO--(Marketwired - April 18, 2016) - Ascendant Group Holdings Inc. ("Ascendant") announces that the TSX Venture Exchange has approved the assignment by Quantum International Income Corp. (the "Corporation") to Ascendant of an outstanding option to acquire 9,000,000 common shares of the Corporation (the "Option"). As a condition to the assignment of the Option (the "Assignment"), Ascendant has agreed to pay C$0.05 per common share acquired upon any exercise of the Option. The common shares of the Corporation ("Shares") underlying the Option represent approximately 10.43% of the issued and outstanding Shares (on a partially diluted basis and based on a total of 86,325,179 Shares issued and outstanding). Manu K. Sekhri, the Chief Executive Officer of the Corporation, has control or direction over the security holdings of Ascendant.

After giving effect to the Assignment, Mr. Sekhri beneficially owns 1,666,667 Shares and options to acquire 12,400,000 Shares, representing a total of 14,006,667 Shares (assuming the full exercise of all options to acquire Shares beneficially owned by Mr. Sekhri), or approximately 16.23% of the 86,325,179 issued and outstanding Shares (on a partially diluted basis after giving effect to the full exercise of all options to acquire Shares beneficially owned by Mr. Sekhri).

Mr. Sekhri acquired the Option for investment purposes. Mr. Sekhri may increase or decrease his beneficial ownership interest in the Corporation depending on, among other factors, market conditions and other factors relevant to Mr. Sekhri's investment decisions. Mr. Sekhri has no current intention to increase his ownership of, or control or direction over, additional securities of the Corporation.

The Assignment has been reported in the System for Electronic Disclosure by Insiders (SEDI), and an early warning report in respect of the Assignment will be filed on the System for Electronic Document Analysis and Retrieval (SEDAR) under the issuer profile of the Corporation.

Contact Information

  • Quantum International Income Corp
    Manu K. Sekhri
    Chief Executive Officer
    79 Wellington Street West, Suite 1630, P.O. Box 138
    Toronto, Ontario, M5K 1H1