December 29, 2016 13:06 ET
MISSISSAUGA, ONTARIO--(Marketwired - Dec. 29, 2016) - John McKimm announces that he has acquired ownership and control over 2,507,800 Common Shares ("Common Shares") of Smart Employee Benefits Inc. ("SEB"), representing approximately 2.1% of SEB's currently issued and outstanding Common Shares. The shares were acquired for $0.20 per share pursuant to a private placement transaction for investment purposes.
The shares were acquired by Madison Partners Corporation ("Madison"), a corporation controlled by John McKimm. Following the acquisition, John McKimm holds 9,356,383 Common Shares and Madison holds 9,652,318 Common Shares. The total of 19,008,701 Common Shares represents approximately 16.2% of the Common Shares of SEB currently issued and outstanding.
Subject to compliance with applicable securities laws, Mr. McKimm, through Madison or otherwise, reserves the right to purchase additional securities of SEB or to dispose of any securities of SEB that it may own, from time to time.
This news release is issued pursuant to National Instrument 62-103: The Early Warning System and Related Take-over Bid and Insider Reporting Issues. A copy of the Early Warning Report will appear with SEB's documents on the SEDAR website at www.sedar.com. A copy of the Early Warning Report may also be obtained by contacting John McKimm, SEB's Chief Executive Officer at 416-460-2817.
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