/FOR DISSEMINATION IN CANADA AND OVER CANADIAN NEWS SERVICES ONLY/
CALIFORNIA , Oct. 17, 2019 /CNW/ - Dale Seiden of 1 Westwind Street, Marina Del Rey, California , USA 90292 (the "Acquiror") announced today that on October 16, 2019 the Acquiror acquired 15,000 preferred shares of the series entitled "Multiple Voting Shares" (the "Acquired Shares") of OjO Electric Corp. (the "Issuer"). The Acquired Shares were acquired pursuant to a business combination transaction (the "Business Combination") involving OjO Electric, LLC ("OjO") and the Issuer, pursuant to which, among other things, the Acquiror contributed to the Issuer 15,000 Common A Units of OjO (the "Exchanged OjO Securities") in exchange for the Acquired Shares.
In connection with the Business Combination, the Acquiror acquired the Acquired Shares representing approximately 10.7% of the issued and outstanding Multiple Voting Shares and approximately 9.4% of the outstanding voting rights attaching to all classes of voting securities of the Issuer.
Immediately before the Business Combination, the Acquiror did not hold any securities in the Issuer. Immediately following completion of the Business Combination, the Acquiror acquired ownership and control over the Acquired Shares. The Acquired Shares represent approximately 10.7% of the issued and outstanding Multiple Voting Shares representing approximately 9.4% of the outstanding voting rights attaching to all classes of voting securities of the Issuer.
The Exchanged OjO Securities contributed to the Issuer in consideration for the Acquired Shares have an indicative value of $0.76 per security.
The Acquired Shares are held by the Acquiror for investment purposes. However, depending on market conditions, general economic and industry conditions, trading prices of the Issuer's securities, the Issuer's business, financial condition and prospects and/or other relevant factors, the Acquiror may develop such plans or intentions in the future and, at such time, may from time to time acquire additional securities, dispose of some or all of the existing or additional securities or may continue to hold the Acquired Shares or other securities of the Issuer.
This news release has been disseminated in accordance with the early warning requirements of Canadian provincial securities laws.
The dissemination of this release in the United States or to any United States news service may constitute a violation of U.S. securities laws.
SOURCE Dale Seiden
View original content: http://www.newswire.ca/en/releases/archive/October2019/17/c8749.html