HONG KONG, CHINA--(Marketwired - June 22, 2016) - Mr. Sun Kwok Ping (the "Securityholder") has filed an early warning report dated June 23, 2016 advising of the purchase of 180,156,333 common shares of the Company at an average price of HK$0.60 per share (approximately CDN$0.10 per share) representing approximately 4.07% of the current outstanding common shares of the Company.
Of the 180,156,333 shares acquired, 53,333,333 shares were acquired pursuant to a private placement subscription agreement with the Company at a price of HK$0.75 per share (approximately CDN$0.12 per share). The remaining 126,823,000 shares were acquired on the Hong Kong Stock Exchange at an average price of approximately HK$0.53 per share (approximately CDN$0.09 per share).
The Securityholder has filed the report as a result of the increase in his and any joint actor's holdings from 725,859,500 (18.08% of the 4,015,227,104 shares outstanding on September 23, 2015) common shares and now holds 906,015,833 (20.45%) common shares of the 4,430,702,437 issued and outstanding common shares of the Company.
In addition, the Securityholder has deemed beneficial ownership of a further 360,186,667 shares pursuant to the private placement subscription agreement which brings the Securityholder's deemed total level of ownership and control to 1,266,202,500 shares which will represent approximately 26.43% of the then 4,790,889,104 issued and outstanding shares of the issuer when such additional shares are acquired.
The Securityholder and any joint actor holds the common shares of the Company for investment purpose and may from time to time acquire additional common shares of the Company either on open market or through private placements or sell common shares of the Company either on the open market or through private placements. This news release is being issued under the early warning provision of the Canadian provincial securities legislation.
|Sun Kwok Ping
|Nobao Building Lane 4, No. 150,
|Yong He Road, Shanghai,