Vancouver, British Columbia–(Newsfile Corp. – November 16, 2020) – Hylton Karon and Susan Karon (collectively the “Karons“), announced that they have filed early warning reports related to a gift of 9,436,060 common shares (“Common Shares“) of iFabric Corp. (the “Issuer“) from Susan Karon to her spouse Hylton Karon.
Upon completion of the transfer, Hylton Karon beneficially owns and has control of 19,025,285 Common Shares of the Issuer which represents approximately 71.9% of the issued and outstanding Common Shares as calculated in accordance with National Instrument 62-104 Take-Over Bids and Insider Bids. Prior to completing the transfer of Common Shares, Hylton Karon held 9,589,225 Common Shares which represented 36.2% of the issued and outstanding Common Shares and following completion of the transaction he holds 19,025,285 Common Shares representing 71.9% of the outstanding Common Shares on an undiluted basis. Prior to completion of the transfer Susan Karon held 9,436,060 Common Shares representing approximately 35.6% of the outstanding shares. Following completion of the transfer Susan Karon indirectly holds 141,065 shares of the Issuer representing approximately 0.5% of the outstanding Common Shares.
The Common Shares were transferred as a gift from Susan Karon, Hylton Karon’s spouse. Mr. Karon’s view of the Issuer and investment may change, depending on market and other conditions, or as future circumstances may dictate, from time to time. Mr. Karon, on an individual or joint basis, may increase or dispose of some or all of their ownership in the Issuer or may continue to hold his current position.
This news release is being issued in accordance with National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the filing of early warning reports dated November 16, 2020. A copy of the early warning reports relating to the transfer will be available under the Issuer’s profile on the System for Electronic Document Analysis and Review (“SEDAR”) at www.sedar.com.
FOR MORE INFORMATION CONTACT:
CEO and Director
Email: [email protected]
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/68324
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