Vancouver, British Columbia–(Newsfile Corp. – October 4, 2021) – This news release is issued by I-Pulse Inc. (“I-Pulse“) pursuant to the early warning requirements of Canada’s National Instrument 62-103 with respect to common shares of Kaizen Discovery Inc. (“Kaizen“).
I-Pulse announces that further to Kaizen’s September 30, 2021 news release, it has acquired ownership and control over an additional 148,062,778 common shares of Kaizen (the “Settlement Shares“) through its affiliate, Ivanhoe Electric (BVI) Inc. (“IVNE“), pursuant to the settlement of outstanding debt of C$7,403,138.90 due from Kaizen to IVNE (the “Debt Settlement“). The Settlement Shares represent 22.5% of the current issued and outstanding common shares of Kaizen (the “Kaizen Shares“).
Following completion of the Debt Settlement, I-Pulse beneficially owns or exercises control and direction over 544,289,707 Kaizen Shares, representing 82.7% of the issued and outstanding Kaizen Shares.
Immediately prior to the Debt Settlement, I-Pulse had beneficial ownership and control over 396,226,929 Kaizen Shares, representing approximately 77.7% of the then issued and outstanding Kaizen Shares. Following the issuance of the Settlement Shares, I-Pulse has beneficial ownership and control over 544,289,707 Kaizen Shares, representing 82.7% of the current issued and outstanding Kaizen Shares, and is deemed to beneficially own an additional 38,195,378 Kaizen Shares issuable upon exercise of warrants to purchase Kaizen Shares held by IVNE, which if exercised, would result in ownership of approximately 83.6% of the then issued and outstanding Kaizen Shares on a partially-diluted basis. All of these securities are beneficially owned and controlled by I-Pulse, through its affiliate, IVNE.
I-Pulse is acquiring the Settlement Shares for investment purposes and is subject to the rules of the TSX Venture Exchange and applicable securities laws, I-Pulse may, depending on market and other conditions, increase or decrease its beneficial ownership of Kaizen’s securities, whether in the open market, by privately negotiated agreements, or otherwise, subject to a number of factors including general market conditions and other available investment and business opportunities.
For further information and to obtain a copy of the early warning report filed under applicable Canadian provincial securities legislation in connection with the transactions hereunder, please go to Kaizen’s profile on the SEDAR website (www.sedar.com), or contact Sam Kenny at (604) 689-8765. I-Pulse has an office c/o 606-999 Canada Place, Vancouver, British Columbia, Canada, V6C 3E1.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/98523
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