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Facedrive Inc. Early Warning Report Update | 2021-07-22 | Press Releases




Toronto, Ontario – (Newsfile Corp. – July 22, 2021) – Mr. Imran Khan (the “Acquirer”) has announced the filing of a Form 45-102A1 – Notice of Intent to Distribute Securities under the Section 2.8 of Regulation 45-102 – Resale of Securities (the “Notice of Sale”) in connection with the proposed sale (the “Proposed Sale”) of up to 500,000 common shares (“Shares”) of capital of Facedrive Inc. (the “Issuer”) registered in the name of ISRR Holdings Inc. (“ISRR”). The proposed sale is expected to be completed through off-market trading within the 30 day period beginning on the date hereof. There can be no assurance as to the timing of the transactions contemplated in the notice of sale, or whether such transactions will occur.

As of the date of the notice of sale described herein, ISRR, a company controlled by the Purchaser, beneficially owned or exercised control or direction over 21,014,430 shares, representing approximately 22.05% of the issued shares and outstanding of the issuer. Separately, as of the date of the notice of sale, 2634107 Ontario Inc. (“263 Ontario”) held or exercised control or direction over 7,696,170 shares, representing approximately 8.08% of the issued and outstanding shares. The acquirer owns a 33% interest in 263 Ontario and, pursuant to certain contractual arrangements, shares direction and control of the voting and disposition of shares held by 263 Ontario. The ownership of the purchaser of the securities of the Issuer has not changed following the filing of the notice of sale, but may change by giving effect to the proposed sale.

The Acquirer will file one or more additional early warning reports, and related press releases, in connection with the completion of the proposed sale, as required from time to time under applicable securities laws.

The Purchaser’s securities described herein were acquired for investment purposes. In addition to the transactions described herein and disclosed in the Notice of Sale, the Purchaser may increase or decrease its investment, directly or indirectly, in the securities of the Issuer from time to time, depending on market conditions or any other relevant factor.

This press release is issued in accordance with National Instrument 62-103 respecting Early Warning System and Related Matters Relating to Takeover Bids and Insider Reporting, which also requires that a report be filed with the authorities. securities of each of the jurisdictions in which the Issuer is a reporting issuer containing information on the above matters (the “Early Warning Report”).

A copy of the alert report filed by the acquirer in connection with this acquisition will be available under the issuer’s profile on the SEDAR website at and may also be obtained by contacting the purchaser at 416-204-1222.

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