TORONTO, ONTARIO--(Marketwired - Feb. 14, 2017) - As a result of an agreement effective February 13, 2017 in relation to the conversion of certain outstanding debt of The Jenex Corporation (the "Corporation"), located at 55 University Avenue, Mezzanine Level, Suite 1002, Toronto, Ontario M5J 2H7, Mr. David Woods, 2 St. Clair Avenue West, Suite 1002, Toronto, Ontario M4V 1L5, will be converting $425,000 in outstanding debt and acquiring 8,500,000 common shares of the Corporation (at a price of $0.05/share), representing 5.94% of the outstanding common shares of the Corporation following completion of the shares-for-debt transaction announced by the Corporation on February 13, 2017, and will own and control, 28,500,000 common shares of the Corporation. Together with the concurrent issuance of common shares by the Corporation, Mr. Wood's holdings will increase by 1.79% of the outstanding common shares of the Corporation to 19.91% of the outstanding common shares of the Corporation.
Mr. Woods has also separately agreed to settle the balance of his debt (being $78,807) for 1,576,136 common shares of the Corporation at a price of $0.05/share once either (i) disinterested shareholder approval is received, or (ii) the remaining common shares can be issued to him without constituting him a control person (the "Conditions"). Once the balance of the debt is settled in accordance with the Conditions, Mr. Woods will hold 30,076,136 common shares of the Corporation.
Immediately before closing this transaction, Mr. Woods will have held 20,000,000 common shares of the Corporation, representing 18.12% of the then outstanding common shares of the Corporation. 8,396,780 warrants to purchase common shares of the Corporation previously held by Mr. Woods have already expired. Mr. Woods holds $503,807 principal amount of secured debentures (which are the subject of the above-mentioned agreements to convert).
Mr. Woods will be acquiring the common shares for investment purposes and may, depending on market and other conditions, increase or decrease his beneficial ownership of common shares of the Corporation or other securities of the Corporation whether in the open market, by privately negotiated agreement or otherwise.