CEO acquires another 5mm sharesLooks like Vaudry is putting his money behind the company as its leader. Haven't seen that in this company for a long time!!
Pacific Safety CEO acquires another five million shares
2013-08-21 18:14 ET - News Release
Mr. Terry Vaudry reports
TERRY VAUDRY ACQUIRES SHARES OF PACIFIC SAFETY PRODUCTS INC.
Terry Vaudry, a director and officer of Pacific Safety Products Inc., acquired from Stonehouse Capital Management Inc. on Aug. 21, 2013, a total of five million common shares of the company at a price of five cents per share, representing approximately 7.78 per cent of the issued and outstanding common shares of the company (assuming no options or warrants of the company are exercised).
Following the acquisition, Mr. Vaudry has beneficial ownership of, or the power to exercise control or direction over, the following securities of the company: 11,069,352 common shares and 750,000 options to purchase common shares at an exercise price of 10 cents per share. Assuming the exercise of the Vaudry options, Mr. Vaudry would have beneficial ownership of, or the power to exercise control or direction over, an aggregate of 11,819,352 common shares, representing approximately 18.22 per cent of the then issued and outstanding common shares (assuming no options or warrants are exercised other than the Vaudry options). Of the securities described above, North American Logistics Inc., a company wholly owned by Mr. Vaudry, has beneficial ownership of 1,943,352 common shares. Mr. Vaudry has the power to exercise control or direction over the North American Logistics shares. On Aug. 17, 2010, North American Logistics was issued an aggregate principal amount of $250,000 of convertible debentures, convertible into common shares at an exercise price of 10 cents per share. The foregoing debentures have been amended and restated, as described in the company's press release dated Aug. 19, 2013, whereby, inter alia, the conversion feature of the debentures has been removed. North American Logistics was issued 1.1 million of the aggregate Pacific Safety shares it currently holds as a bonus, in accordance with Policy 5.1 of the TSX Venture Exchange, in connection with the amendment and restatement of the debentures.
The acquired shares were purchased through the facilities of the Alpha Exchange.
The acquired shares were acquired for investment purposes. Mr. Vaudry and/or North American Logistics 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 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.