ACQUISITION OF SECURITIES OF IDLE LIFESTYLE INC.
(FORMERLY PODA HOLDINGS INC.)
VANCOUVER, BC, July 19, 2022 /CNW/ – This press release is being disseminated as required by National Instrument 62‐103 in connection with the filing of an Early Warning Report regarding the acquisition of securities of Idle Lifestyles Inc. (formerly Poda Holdings Inc.) (the “Corporation“).
On July 18, 2022, Silent Solutions Inc. (the “Acquiror“) acquired an aggregate of 18,711,732 subordinate voting shares (the “Subordinate Voting Shares“) of the Corporation by way of a private share transfer at a price of $0.40 per share. In connection with the transfer, they also acquired 502 multiple-voting shares (the “Multiple-Voting Shares“) which are convertible into subordinate voting shares at a ratio of 1,000:1. Prior to the acquisition, the Acquiror held a total of 2,400,000 share purchase warrants of the Corporation which were also fully exercised into subordinate voting shares at a price of $0.10 per share (the “Warrants“).
With the acquisition of the Subordinate Voting Shares and the exercise of the Warrants the Acquiror holds an aggregate of 21,111,732 Subordinate Voting Shares for 18.0% of the issued and outstanding Subordinate Voting Shares of the Corporation. Upon conversion all of the multiple voting shares issued and outstanding on behalf of the Corporation, the Acquiror would hold an aggregate of 21,613,651 for 12.82% of the issued and outstanding Subordinate Voting Shares on a fully converted basis.
The Subordinate Voting Shares and Multiple Voting Shares were acquired for investment purposes only and not for the purpose of exercising control or direction over the Corporation. The Acquiror may, from time to time, increase or decrease its shareholding or continue to hold securities of the Corporation as it may determine appropriate in the normal course of investment activity. In the future, the Acquiror may, directly or indirectly, acquire additional securities of the Corporation or dispose of such securities subject to a number of factors, including, without limitation, general market and economic conditions and other investment and business opportunities available.
A copy of the Early Warning Report to be filed by the Acquiror will be available on SEDAR under the Corporation’s profile on www.sedar.com.
This early warning news release is issued under the early warning provisions of Canadian securities legislation, including National Instrument 62-104 – Take-Over Bids and Issuer Bids and National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues.
The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release nor have they approved nor disapproved the content thereof.
SOURCE Silent Solutions Inc.