Tekmodo investor TS Investment acquires 26.52M sharesFinally, Something big is happening!
Mr. Jacob Vogel reports
TS Investment Holdings LLC, a company controlled by Jacob Vogel of Granger, Ind., has acquired 26,528,724 common shares in the capital of Tekmodo Industries Inc., pursuant to a private transaction with the issuer and its wholly owned subsidiary, EcoCarbon Technologies Canada Inc. The issuer's head office is Suite 650, 669 Howe St., Vancouver, B.C., V6C0B4.
On April 4, 2017, TS Investment entered into a share exchange agreement (the "Agreement") with EcoCarbon and the Issuer. TS Investment was the registered owner of 26,528,724 shares of class B exchangeable non-voting common stock (the "Class B Shares") issued by TekModo Holdings Inc., a subsidiary of the Issuer. Pursuant to the Agreement, EcoCarbon agreed to purchase and TS Investment agreed to sell the Class B Shares in exchange for 26,528,724 common shares of the Issuer (the "TekModo Shares") contributed to EcoCarbon by the Issuer to form part of the share exchange. The aggregate value of the TekModo Shares is approximately C$663,218.10 (C$0.025 per TekModo Share).
Mr. Vogel, a director of the Issuer, is the manager of TS Investment and may be deemed to beneficially own and has sole voting and dispositive power over the securities of TS Investment.
Immediately prior to the transaction, Mr. Vogel held 400,000 options of the Issuer and did not own and/or control any common shares of the Issuer. If Mr. Vogel were to exercise all of his options, he would own and/or control a total of 400,000 common shares of the Issuer representing approximately 0.34% of the issued and outstanding shares of the Issuer on a partially diluted basis.
As a result of the foregoing acquisition of the TekModo Shares on April 12, 2017, Mr. Vogel owns and/or controls a total of 26,528,724 common shares of the Issuer representing approximately 18.31% of the issued and outstanding shares, assuming no further common shares of the Issuer have been issued. This represents approximately an 18.31% change in Mr. Vogel's ownership, respectively. If Mr. Vogel were to exercise all of his options, he would own and/or control a total of 26,928,724 common shares of the Issuer representing approximately 18.54% of the issued and outstanding shares of the Issuer on a partially diluted basis.
Other than as described below, TS Investment acquired the securities for investment purposes, and has no present intention to dispose of or acquire further securities of the Issuer. Mr. Vogel, a director of the issuer and a manager of TS Investment has entered into loan agreements with the Issuer and indicated that he will be a standby purchaser in connection with the Issuer's proposed rights offering, the details of which were announced on March 15, 2017. Pursuant to that arrangement, Mr. Vogel may purchase additional shares of the Issuer and may receive warrants of the Issuer in accordance with TSX Venture Exchange policies. Additional details respecting the rights offering will be disclosed in a subsequent news release, a rights offering notice and rights offering circular being prepared in accordance with applicable Canadian securities laws. TS Investment may, in the future participate in additional financings and/or acquire or dispose of securities of the Issuer in the market, privately or otherwise, as circumstances or market conditions warrant.
This press release is issued pursuant to Multilateral Instrument 62-103, which also requires a report to be filed with the applicable securities commissions. A copy of the report may be obtained from the SEDAR website under the profile for the Issuer and may also be obtained by contacting TS Investment Holdings, LLC, 51795 Ashton Ct., Granger, IN 46530 at 574-612-5969.