TORONTO, ONTARIO--(Marketwired - Feb. 28, 2017) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Scott Lamacraft ("Lamacraft") today acquired (the "Acquisition") an aggregate of 3,000,000 units (the "Units") of Organic Garage Ltd. (the "Corporation") (CSE:OG) as part of a larger treasury offering of 10,993,500 Units completed by the Corporation. Each Unit consisted of a common share in the capital of the Corporation (a "Share") and a purchase warrant (the "Warrant"), exercisable to acquire one additional Share of the Corporartion at a price of $0.35 until February 28, 2019. The Units were acquired by Lamacraft at a cash price of $0.25 per Unit for an aggregate purchase price of $750,000.
As of the date hereof, after giving effect to the Acquisition, Lamacraft owns, or exercises control or direction over 3,000,000 Shares and 3,000,000 Warrants, representing approximately 16.79% of the issued and outstanding Shares on a partially diluted basis (9.16% on a non-diluted basis). Lamacraft did not own any securities of the Corporation prior to acquiring the Units.
The Units were purchased for investment purposes. Lamacraft has a long-term view of the investment and does not intend at this time to acquire additional securities of the Corporation, but may increase his shareholdings of the Corporation in the future depending on market conditions, reformulation of plans and/or other relevant factors. Lamacraft does not have any plans or future intentions with respect to completing a corporate transaction with the Corporation or any of its subsidiaries or with respect to a solicitation of proxies from securityholders of the Corporation or completing any similar transaction.
In this press release, for the purpose of calculating the percentage Shares owned, or controlled or directed, Lamacraft has assumed that there are 32,736,456 Shares issued and outstanding as of the date hereof, as reported to Lamacraft by the Corporation.
This press release is issued pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which also requires a report to be filed with regulatory authorities in each of the jurisdictions in which the Corporation is a reporting issuer containing information with respect to the foregoing matters (the "Early Warning Report"). A copy of the Early Warning Report will appear with the Corporation's documents on the System for Electronic Document Analysis and Retrieval and may also be obtained by contacting Lamacraft at 416-362-7485.
Scott Lamacraft, Toronto, Ontario
|Organic Garage Ltd.
|50 Akron Street
|Toronto, Ontario, M8W 1T2