TORONTO, June 15, 2022 (GLOBE NEWSWIRE) -- ThreeD Capital Inc. (“ThreeD”) (CSE:IDK / OTCQX:IDKFF) a Canadian based venture capital firm focused on opportunistic investments in companies in the junior resources and disruptive technologies sectors, announces that through the completion of a private placement (“Acquisition”), ThreeD acquired ownership and control of an aggregate of 500,000 common shares (the “Subject Shares”) and 500,000 common share purchase warrants (the “Subject Warrants” and together with the Subject Shares, the “Subject Units”) of Nirvana Life Sciences Inc. (“Nirvana” or the “Company”). The Subject Shares represented approximately 1.4% of all issued and outstanding common shares of Nirvana. As a result of the Acquisition, the percentage ownership held by ThreeD and the Sheldon Inwentash (the “Joint Actor”) increased by 2.1%, on a partially diluted basis, from the last early warning report filed in connection with the acquisition of Nirvana shares, from which the Joint Actor, with ThreeD, reported a 13.6% ownership on a partially diluted basis, assuming the exercise of any warrants held.
Immediately prior to the Acquisition, ThreeD and the Joint Actor owned and controlled an aggregate of 4,500,000 common shares and nil warrants of Nirvana representing approximately 13.6% of all issued and outstanding common shares of the Company on a non-dilutive and partially dilutive basis. Of this total, ThreeD held an aggregate of 3,000,000 common shares of the Company, representing approximately 9.1% of the issued and outstanding common shares of the Company on a non-dilutive and partially dilutive basis. The Joint Actor held an aggregate of 1,500,000 common shares of the Company, representing approximately 4.5% of the issued and outstanding common shares of the Company on a non-dilutive and partially dilutive basis.
Immediately following the Acquisition, ThreeD and the Joint Actor own and control an aggregate of 5,000,000 common shares and 500,000 warrants of Nirvana, representing approximately 14.5% of all issued and outstanding common shares of the Company (or approximately 15.7% on a partially diluted basis assuming exercise of the warrants). Of this total, ThreeD held an aggregate of 3,500,000 common shares and an aggregate of 500,000 warrants of the Company, representing approximately 10.2% of the issued and outstanding common shares of the Company (or approximately 11.4% on a partially diluted basis assuming exercise of the warrants). The Joint Actor held an aggregate of 1,500,000 common shares of the Company, representing approximately 4.4% of the issued and outstanding common shares of the Company on a non-dilutive and partially dilutive basis.
The Acquisition was conducted through a private placement and not through the facilities of any stock exchange. The holdings of securities of the Company by ThreeD and the Joint Actor are managed for investment purposes, and ThreeD or the Joint Actor could increase or decrease its investments in the Company at any time, or continue to maintain its current position, depending on market conditions or any other relevant factor.
The aggregate consideration paid for the acquisition of the Subject Units was $150,000, or $0.30 per Subject Unit.
About ThreeD Capital Inc.
ThreeD is a publicly-traded Canadian-based venture capital firm focused on opportunistic investments in companies in the junior resources and disruptive technologies sectors. ThreeD’s investment strategy is to invest in multiple private and public companies across a variety of sectors globally. ThreeD seeks to invest in early stage, promising companies where it may be the lead investor and can additionally provide investees with advisory services and access to the Company’s ecosystem.
| For further information: |
| Lynn Chapman, CPA, CA |
| Chief Financial Officer and Corporate Secretary chapman@threedcap.com |
| Phone: 416-941-8900 |
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.
