/NOT FOR DISTRIBUTION TO UNITED STATES OF AMERICA WIRE SERVICES OR
DISSEMINATION IN THE UNITED STATES OF
AMERICA/
TORONTO, May 5, 2022
/CNW/ - This press release is being disseminated as required by
National Instrument 62–103 - The Early Warning System and
Related Take Over Bids and Insider Reporting Issuers in
connection with the filing of an early warning report (the
"Early Warning Report") regarding the disposition of
securities of Ackroo Inc. (TSXV: AKR) (the "Issuer"), with
its head office located at 1250 South Service Road, Unit A3-1
(3rd Floor), Hamilton,
Ontario, L8E 5R9, by Shen Capital Fund I L.P., by its
General Partner, Shen Capital Management Inc. ("Shen
Capital"), with its head office located at 130 Bloor
Street West, Suite 905, Toronto,
Ontario, M5S 1N5.
On May 4, 2022 (the "Closing
Date"), Shen Capital completed private sales of
17,500,000 common shares of the Issuer (each a "Common
Share") and 17,500,000 warrants of the Issuer issued on
November 12, 2020 (each a
"Warrant") it owns, pursuant to the terms of share purchase
agreements with unrelated third parties (the "Sale
Transaction"). The Sale Transaction was completed at a
price of $0.10 per Common Share and
$0.02 per Warrant, for total
consideration of $2,100,000, to be
allocated as to $1,750,000 in respect
of the Common Shares and $350,000 in
respect of the Warrants.
Each Warrant was issued on November 12,
2020 and is exercisable until November 12, 2023 to purchase an additional
Common Share at an exercise price of $0.18 per share, subject to accelerated expiry in
the event the closing trading price of the Common Shares on the TSX
Venture Exchange equals or exceeds $0.28 per Common Share for a period of 20
consecutive trading days at any time on or after May 12, 2022.
Prior to the Sale Transaction, Shen Capital owned, directly and
indirectly, 17,500,000 Common Shares, representing approximately
15.1% of the outstanding Common Shares, and 17,500,000 Warrants.
Following the Private Placement, Shen Capital owns, directly and
indirectly, no Common Shares and no Warrants.
In addition to the foregoing, Shen Capital may increase its
beneficial ownership or control depending on market or other
conditions; however, it has no current intention to acquire any
such securities.
A copy of the Early Warning Report with additional information
in respect of the foregoing matters may be found on
www.SEDAR.com.
SOURCE Shen Capital Management Inc.
