VANCOUVER , March 16, 2020 /CNW/ - West Bellevue Limited (" West Bellevue "), a holding company indirectly controlled by Mr. Li Ka -shing, will file an early warning report advising of its decrease in percentage holdings of common shares of WELL Health Technologies Corp. (the "Issuer"). West Bellevue's decrease in its share of percentage ownership in the Issuer occurred as a result of the issuance of additional common shares by the Issuer and was not due to any sale of common shares held by West Bellevue .
On the date hereof, the Issuer completed the second tranche of a non-brokered private placement of Series 2 Convertible Debentures for gross proceeds of $1,000,000 . As part of the offering, West Bellevue purchased $500,000 principal amount of Series 2 Convertible Debentures. Upon completion of the offering, West Bellevue's ownership of 10,573,672 common shares of the Issuer represents approximately 8.9% on an undiluted basis and approximately 9.5% on a partially diluted basis (assuming the conversion of an aggregate of $1,000,000 principal amount of Series 1 and Series 2 convertible debentures of the Issuer held by West Bellevue ).
This news release is issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues ("NI 62-103") of the Canadian Securities Administrators, which also requires an early warning report to be filed with the applicable securities regulators containing additional information with respect to the foregoing matters. A copy of the early warning report of West Bellevue will be available on the Issuer's profile on SEDAR at www.sedar.com. A copy of the early warning report may also be obtained by contacting: c/o Miller Thomson LLP, Attention: Alexander Lalka at (416) 595-8500.
For the purposes of NI 62-103 the head office address of West Bellevue is Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, British Virgin Islands , VG1110 and the head office address of the Issuer is 200 – 322 Water Street, Vancouver BC Canada V6B 1B6.
SOURCE West Bellevue Limited
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