TORONTO, ONTARIO--(Marketwire - March 13, 2013) - Mr. Terry Vaudry, a director and officer of Pacific Safety Products Inc. (the "Company") (TSX VENTURE:PSP), has acquired, effective March 11, 2013, a total of 1,775,000 common shares of the Company (the "Acquired Shares") at a price of $0.03 per share, representing approximately 2.98% of the issued and outstanding common shares of the Company (assuming no options, warrants or debentures of the Company are exercised or converted).
Following the acquisition, Mr. Vaudry has beneficial ownership of, or the power to exercise control or direction over, the following securities of the Company: (i) 4,519,352 common shares; (ii) 750,000 options ("Vaudry Options") to purchase common shares of the Company at an exercise price of $0.10 per share; and, (iii) an aggregate principal amount of $250,000 of convertible debentures ("Vaudry Debentures") of the Company, convertible into common shares of the Company at a price of $0.10 per share. Assuming the exercise of the Vaudry Options and conversion of the Vaudry Debentures, Mr. Vaudry would have beneficial ownership of, or the power to exercise control or direction over, an aggregate of 7,769,352 common shares, representing approximately 12.38% of the then issued and outstanding common shares of the Company (assuming no options, warrants or debentures are exercised or converted other than the Vaudry Options and Vaudry Debentures). Of the securities described above, North American Logistics Inc., a company wholly-owned by Mr. Vaudry, has beneficial ownership of the following securities of the Company: (i) 843,352 common shares; and, (ii) an aggregate principal amount of $250,000 of convertible debentures. Mr. Vaudry has the power to exercise control or direction over such securities.
The Acquired Shares were purchased on the open market through the facilities of Pure Trading.
The Acquired Shares were acquired for investment purposes. Mr. Vaudry and/or North American Logistics Inc. may, depending on market and other conditions, increase or decrease their ownership of the Company'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. In addition, Mr. Vaudry is a director and officer of the Company, and may from time to time receive common shares issued by the Company in settlement of accrued compensation owing to him, consistent with past practice of the Company; however there is no agreement between Mr. Vaudry and the Company in respect thereof at this time. In addition, North American Logistics Inc. may receive common shares in settlement of interest that becomes payable pursuant to and in accordance with the terms of the Debentures.
An Early Warning Report in respect of the acquisition has been filed on SEDAR and can be viewed at www.sedar.com.