TORONTO, ONTARIO--(Marketwired - Oct. 20, 2016) - Plazacorp Holdings Limited (Plazacorp) today announced that it acquired ownership of 77,875,000 pre-consolidated subscription receipts of Findev Inc. (formerly, TransGaming Inc.) (the Company) on August 22, 2016. These subscription receipts were subsequently consolidated at a ratio of 35:1 into 2,225,000 subscription receipts of the Issuer on September 16, 2016. On September 30, 2016, Plazacorp also acquired 6,666,666 post-consolidated subscription receipts of the Issuer.
The 2,225,000 subscription receipts acquired on September 16, 2016 were converted on October 7, 2016 into 2,225,000 post-consolidated common shares of the Issuer.
Each of the 6,666,666 subscription receipts acquired on September 30, 2016, were converted on October 7, 2016 into one common share, one 18-month common share half-purchase warrant and one 36-month common share half-purchase warrant (each half-warrant, together, a Warrant). Each Warrant is exercisable at $0.70 per Warrant.
As a result of these acquisitions, Plazacorp holds direct ownership over a total of 8,891,667 common shares representing approximately 40% of the total issued and outstanding common shares of the Issuer and 6,666,666 Warrants (of which 3,333,333 are 18-month common share half-purchase warrants and 3,333,333 are 36-month common share half-purchase warrants) that, if exercised, together represent approximately 38% of the total issued and outstanding Warrants of the Issuer.
Plazacorp acquired the shares for investment purposes, and has no present intention to acquire further securities of the Company, although it may in the future participate in financings and/or acquire or dispose of securities of the Company in the market, privately or otherwise, as circumstances or market conditions warrant.
A copy of the early warning report filed by Plazacorp in respect of the above acquisitions is available at www.sedar.com under the Company's SEDAR profile.