Naser Bin Butti Almheiri

October 24, 2017 17:57 ET

Shareholder Reports Equity Interest in Canadian Bioceutical Corporation

ABU DHABI, UNITED ARAB EMIRATES--(Marketwired - Oct. 24, 2017) -

THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES

Naser Bin Butti Almheiri (the "Acquiror"), of Marina Villa No. 68, Abu Dhabi, United Arab Emirates, announces that, on January 19, 2017, the Acquiror (together with joint actors) acquired 52,500,000 common shares (collectively, the "Shares") of Canadian Bioceutical Corporation (the "Issuer") of 5255 Yonge Street, Suite 701, Toronto, ON M2N 6P4, at a price of CDN$0.20 per Share (the "Acquisition").

The Acquisition took place by way of private placement and formed part of the Issuer's US$27 million private placement financing. The Acquiror's joint actors in respect of the Acquisition were Shamsa Alotaiba, who is the Acquiror's spouse and registered holder of certain Shares acquired, and Samih Abdulrahman Basaddiq, who held certain Shares in trust for the Acquiror at the time of the Acquisition (collectively, the "Joint Actors").

Immediately prior to the Acquisition, the Acquiror (together with the Joint Actors) did not own, control or direct any common shares of the Issuer. After giving effect to the Acquisition, the Acquiror (together with the Joint Actors) owned, controlled and directed 52,500,000 Shares, representing 23.39% of the 224,491,154 issued and outstanding common shares of the Issuer after giving effect to the private placement under which the Acquisition was made. The Shares represent 20.40% of the currently issued and outstanding common shares of the Issuer. The Acquiror paid aggregate cash consideration of CDN$10,500,000 for the Shares ($0.20 per Share).

The Acquiror (together with the Joint Actors) acquired the Shares for investment purposes. The Acquiror (together with the Joint Actors) intends to evaluate the investment in the Issuer and to increase or decrease his shareholdings from time to time as he may determine appropriate.

A copy of the early warning reports of the Acquiror corresponding to this press release can be obtained from the Acquiror, at +971 56 177 1178, or on SEDAR at www.sedar.com under the Issuer's profile.

Contact Information

  • Naser Bin Butti Almheiri
    +971 56 177 1178