VANCOUVER, BC, Jan. 6, 2025 /CNW/ - Selby Family Trust 2022 ("Selby Trust"), a trust formed and existing in the province of British Columbia, has agreed to sell an aggregate of 2,700,000 common shares (the "Shares") of Generative AI Solutions Corp. (CSE: AICO) ("GEN AI") to Mr. Patrick Gray pursuant to a private share purchase agreement between Selby Trust and Mr. Gray (the "Transaction"). Mr. Gray is the Chief Executive Officer and a director of GEN AI.
The Shares represent approximately 3.49% of the issued and outstanding common shares of GEN AI. The Shares will be sold for cash consideration of CAD$0.01 per Share, Selby Trust's original cost base for the Shares, representing an aggregate purchase price of CAD$27,000. Completion of the Transaction is subject to customary closing conditions and receipt of certain regulatory approvals. Following completion of the Transaction, Selby Trust will own 6,900,000 common shares of GEN AI representing 8.9% of the common shares of GEN AI.
Following the Transaction, Selby Trust will cease to be an insider of GEN AI.
The Shares are being acquired by Mr. Gray for investment purposes. Mr. Gray does not have any current intentions to significantly increase or decrease its beneficial ownership of, control or direction over, any additional securities of GEN AI, but Mr. Gray may, from time to time, and depending on market and other conditions, acquire additional securities of GEN AI, dispose of some or all of the existing or additional securities it holds or will hold, or may continue to hold its current position, depending on market conditions, reformulation of plans and/or relevant factors.
This news release is issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues. An early warning report will be electronically filed by the Selby Trust with the applicable securities commission in each jurisdiction where GEN AI is a reporting issuer and will be available on GEN AI's SEDAR+ profile at www.sedarplus.ca.
SOURCE Selby Family Trust 2022
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