Business
Neil Sweeney Reorganizes Common Share Ownership in Killi with No Change to Total Holdings and No New Shares Being Issued
Early Warning Report Filed as a Result Toronto, Ontario--(Newsfile Corp. - December 4, 2020) ...
About this update from Reklaim Ltd
[{"type":"text","content":"Neil Sweeney Reorganizes Common Share Ownership in Killi with No Change to Total Holdings and No New Shares Being IssuedEarly Warning Report Filed as a ResultToronto, Ontario--(Newsfile Corp. - December 4, 2020) - Killi Ltd. (TSXV: MYID) (OTCQX: MYIDF), (\"Killi\" or the \"Company\") would like to announce that Neil Sweeney (\"Mr. Sweeney\"), the CEO of the Company, has filed an early warning report (the \"Early Warning Report\"). The Early Warning Report was filed in connection with the recently completed reorganization completed solely among parties directly under the control of Mr. Sweeney, resulting in the creation of a new insider of Killi, 2393304 Ontario Inc. (the \"Transferee\").On November 27, 2020, Mr. Sweeney completed a reorganization of certain holdings whereby Mr. Sweeney and Sweeney Oriole Trust (the \"Trust\", and together with Mr. Sweeney, the \"Transferors\") acted jointly in transferring all of their common shares in the capital of the Company (each, a \"Common Share\" and collectively, the \"Common Shares\") to the Transferee (the \"Transaction\"). A portion of such transferred Common Shares involved Common Shares held in escrow (each an \"Escrowed Share\", and collectively the \"Escrowed Shares\") pursuant to a surplus escrow agreement among the Company and Computershare dated June 14, 2019.The Trust, which owns 100% of the Transferee, and Mr. Sweeney transferred a total of 100,000,000 Common Shares, representing approximately 33.7% of the issued and outstanding Common Shares to the Transferee. Following the Transaction, the Transferee continues to be a wholly-owned subsidiary and directly owns a total of 100,000,000 Common Shares, representing approximately 33.7% of the issued and outstanding Common Shares.The Common Shares were acquired for investment purposes. The Transferee may acquire additional securities of the Company, including on the open market or through private acquisitions, or sell the securities, including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors. Depending on market conditions, general economic and industry conditions, the Company's business and financial condition and/or other relevant factors, The Transferee may develop such plans or intentions in the future.The Transaction is exempt...