Olivier Benloulou

January 25, 2018 22:05 ET

Olivier Benloulou Sells Common Shares of Indiva Limited

GATINEAU, QUÉBEC--(Marketwired - Jan. 25, 2018) - Olivier Benloulou ("Mr. Benloulou"), through 4098242 Canada Inc. ("409"), a corporation wholly owned and controlled by Mr. Benloulou, has sold 1,579,000 common shares (collectively, the "Sold Shares" and each, a "Sold Share") of Indiva Limited (the "Issuer") through the facilities of the TSX Venture Exchange. The Sold Shares represent approximately 2.41% of issued and outstanding Common Shares of the Issuer, and were sold at an average price of $1.2116 per share for total consideration of 1,914,724.69 between January 4, 2018 and January 25, 2018 (the "Transactions"). As a result of the Transactions, Mr. Benloulou disposed of beneficial ownership of more than 2% of the issued and outstanding common shares of Indiva.

Before giving effect to the Transactions, Mr. Benloulou had beneficial ownership of, or control or direction over, directly or indirectly, an aggregate of 8,800,000 common shares of the Issuer, representing approximately 13.41% of the current issued and outstanding common shares of the Issuer on a non-diluted basis, and 15.85% of the current issued and outstanding common shares on a partially-diluted basis (assuming the exercise in full of the 1,596,000 common share purchase warrants of the Issuer held by 409). After giving effect to the Transactions, Mr. Benloulou had beneficial ownership of, or control or direction over, directly or indirectly, an aggregate of 7,221,000 common shares of the Issuer, representing approximately 11.1% of the issued and outstanding common shares of the Issuer on a non-diluted basis and 13.12% of the issued and outstanding common shares of the Issuer on a partially-diluted basis (assuming the exercise in full of the 1,596,000 common share purchase warrants of the Issuer held by 409).

The Transactions by Mr. Benloulou were made for investment purposes. Mr. Benloulou reviews his holdings from time to time and may increase or decrease his position as future circumstances may dictate.

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 Issuer 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 at www.sedar.com under the Issuer's issuer profile on the System for Electronic Document Analysis and Retrieval.

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