VANCOUVER, BC, Sept. 24, 2020 /CNW/ - Pursuant to the requirements of National Instrument 62-104 – Takeover Bids and Issuer Bids ("NI 62-104"), Daniel Laflamme, a director and Chief Operating Officer of VIVO Cannabis Inc. (the "Company"), announces that his beneficial ownership of common shares in the capital of the Company (each, a "Share") has decreased below 10% of the outstanding Shares.
On September 19, 2020, the Company issued, among other things, an aggregate of 32,813,413 Shares on conversion of certain outstanding unsecured convertible debentures (the "Debenture Conversion"), following which there are 328,702,067 Shares outstanding, on an undiluted basis.
As of June 18, 2020, being the last date for which Mr. Laflamme was required to file an early warning report in accordance with the requirements of NI 62-104, Laflamme owned 31,738,541 Shares, all of which were held indirectly through his wholly-owned company, NPK Holdings Limited ("NPK"), representing approximately 10.7% of the outstanding Shares (on an undiluted basis) on such date. Immediately prior to the Debenture Conversion, Mr. Laflamme beneficially owned 30,498,539 Shares, all of which were held indirectly through NPK, which represented approximately 10.3% of the outstanding Shares (on an undiluted basis) prior to the Debenture Conversion. As a result of the Debenture Conversion, Mr. Laflamme's ownership has decreased to 9.3% of the outstanding Shares (on an undiluted basis). Because he no longer has beneficial ownership of over 10% of the outstanding Shares, Mr. Laflamme is no longer required to file early warning reports under NI 62-104.
For more information, or to obtain a copy of the subject early warning report, please contact:
Daniel Laflamme
c/o 650 West 41st Avenue, Suite 530
Vancouver, BC V5Z 2M9