GEORGETOWN, ON, Oct. 28, 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 Issues in connection with the filing of an early warning report by George Barakat in respect of the disposition of common shares (each, a “Common Share“) in the capital of Jack Nathan Medical Corp. (the “Issuer“) (TSXV:JNH.V).
George Barakat announces that, during the period between August 3, 2022 and October 27, 2022, he, directly or indirectly, sold an aggregate of 1,578,500 Common Shares beneficially owned by him, or over which he had control or direction, over the facilities of the TSX Venture Exchange at an average price per Common Share of $0.1097, for total consideration of approximately $173,133.35.
Following the sales referred to above, Mr. Barakat beneficially owns or, through GKAT Inc., exercises control or direction over, 13,413,180 Common Shares and options to acquire an additional 700,000 Common Shares (the “Options“), representing approximately 15.97% of the issued and outstanding Common Shares on a non-diluted basis and representing approximately 16.66% of the issued and outstanding Common Shares, assuming the full exercise of all of the Options that Mr. Barakat beneficially owns or exercises control or direction over.
Immediately prior to the completion of the sales referred to above, Mr. Barakat beneficially Owned, or exercised control or direction over, 14,991,680 Common Shares and 700,000 Options, representing approximately 17.86% of the issued and outstanding Common Shares on a non-diluted basis and representing approximately 18.54% of the issued and outstanding Common Shares, assuming the full exercise of all of the Options that Mr. Barakat beneficially owns or exercises control or direction over.
As previously announced on June 30, 2022, Mr. Barakat intends to, from time to time, dispose of Common Shares beneficially owned by him, or over which he has control or direction, including the Common Shares held by GKAT Inc., in order to meet his liquidity needs from time to time.
