This press release is issued pursuant to Multilateral Instrument 62-104 - Take-Over Bids and Issuer Bids and National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issuers.
Toronto, Ontario--(Newsfile Corp. - June 30, 2022) - On June 29, 2022, OSF Management ("OSF") (with an address at 30 de Castro Street, Wickhams Cay 1 Road Town, Tortola, British Virgin Islands), announces that it has acquired an aggregate of 7,000 common shares ("Common Shares") of FRNT Financial Inc. (the "Company") on the TSX Venture Exchange at an average price of $0.935 per Common Share, for an aggregate purchase price of $6,545 (the "Purchase"). The Common Shares were acquired pursuant to the Normal Course Purchase Exemption set out in NI 62-104 Take-Over Bids and Issuer Bids ("NI 62-104").
As defined under NI 62-104, OSF may be considered to be acting jointly with Stephane Ouellette ("Ouellette") and Adam Rabie ("Rabie" and, together with OSF and Ouellette, the "Group"), both of whom are directors of OSF and the Company. Mr. Rabie also owns more than 10% of the outstanding securities of OSF. Immediately prior to the Purchase, Mr. Ouellette's ownership of Common Shares represented ownership of approximately 30.75% and 25.03% of the issued and outstanding Common Shares on an un-diluted and fully-diluted basis, respectively. Immediately prior to the Purchase, Mr. Rabie's ownership of Common Shares represented approximately 22.15% and 18.03% of the issued and outstanding Common Shares on an un-diluted and fully-diluted basis, respectively. Neither Mr. Rabie nor Mr. Ouellette purchased any Common Shares personally in connection with the Purchase.
Immediately prior to the Purchase, OSF owned no Common Shares. On June 29, 2022, OSF purchased 7,000 Common Shares, representing approximately 0.02% and 0.016% of the issued and outstanding Common Shares on an un-diluted and fully-diluted basis, respectively, immediately following the Purchase. Immediately following the Purchase, the Group's collective ownership of Common Shares represented ownership of approximately 52.92% and 43.08% of the issued and outstanding Common Shares on an un-diluted and fully-diluted basis, respectively.
OSF carried out the Purchase for investment purposes. OSF may from time to time increase or decrease ownership or control of the securities of the Company depending on market conditions and/or other relevant factors.
A copy of the early warning report for the Purchase has been filed on www.sedar.com.
For more information, or to obtain a copy of the early warning report, please contact:
Stephane Ouellette
OSF Management
Director
Phone: 437-253-3747
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