Engagement Labs (TSXV:EL)
Historical Stock Chart
6 Months : From Apr 2019 to Oct 2019
TORONTO, June 13, 2019 /CNW/ -- On June 11, 2019 Loeb Holding Corporation ("Loeb Holding"), a company whose operations are under the common control and direction of Bruce Lev as it relates to Engagement Labs Inc. ("Engagement Labs" and/or the "Company") (TSXV: EL), acquired an aggregate of 18,865,904 common shares of the Company upon completion of the conversion of all of the issued and outstanding 1% Debentures of the Company due September 28, 2020 (the "1% Debentures"), the outstanding principal amount of which was converted into common shares at a price of $0.11 per share, and accrued interest thereon was converted into common shares at $0.06 per share (the "1% Debenture Conversion"). The 1% Debenture Conversion occurred on June 11, 2019 following the approval of the 1% Debenture Conversion by holders of the 1% Debentures on May 21, 2019, receipt of final approval from the TSX Venture Exchange, and implementation of the 1% Debenture Conversion with the trustee for the 1% Debentures.
Prior to the acquisition of the securities from the 1% Debenture Conversion, Loeb Holding, directly or indirectly, beneficially owned 21,732,581 common shares of Engagement Labs on a partially diluted basis, assuming the exercise of its 9,773,750 warrants and 934,900 vested options into common shares, representing approximately 13.04 % of the issued and outstanding common shares of Engagement Labs. As a result of the completion of the 1% Debenture Conversion, Loeb Holding now owns 40,598,485 common shares of Engagement Labs on a partially diluted basis, assuming the exercise of 9,773,750 warrants and 934,900 vested options, all of which combined represents approximately 17.31% of the outstanding common shares of Engagement Labs.
Loeb Holding acquired the common shares for investment purposes. Loeb Holding may acquire additional securities of Engagement Labs in the future, may dispose of some or all of the securities or may continue to hold its current position of Engagement Labs.
When Loeb Holding acquired the additional common shares through the 1% Debenture Conversion, its position together with the holdings of common shares of Engagement Labs directly or indirectly held by both Loeb Investors Co. 170, LP ("Loeb 170") and Mr. Bruce Lev corresponded to 17.31% of the issued and outstanding common shares of Engagement Labs on a partially diluted basis. Mr. Lev is the General Partner of Loeb 170 and Managing Director of Loeb Holding. In this capacity, Mr. Lev has control and direction over the voting and disposition of securities of Engagement Labs held by Loeb Holding and Loeb 170, but does not beneficially own such securities.
Neither Loeb Holding nor Loeb 170 have acquired additional common shares of Engagement Labs since the 1% Debenture Conversion.
The early warning report required under the Early Warning Rules contains additional information with respect to the foregoing matters and will be filed by Loeb Holding under the Engagement Labs profile at www.sedar.com.
For media inquiries please contact:
Loeb Holding Corporation
Loeb Investors Co. 170, LP
SOURCE Engagement Labs; Loeb Holding Corporation