Carrara chairman Van Deventer acquires 16.97 M shares
2017-07-04 09:20 ET - News Release
Mr. Stephen Van Deventer reports
EARLY WARNING NEWS RELEASE
Stephen Van Deventer, the chairman and chief executive officer of PreveCeutical Medical Inc., formerly Carrara Exploration Inc. has provided the following update in accordance with National Instrument 62-103, the early warning system and related takeover bids, and NI 62-104, takeover bids and issuer bids.
Mr. Van Deventer announces that on June 30, 2017, he acquired beneficial ownership and control over 16,972,100 common shares in the capital of the issuer at a deemed issuance price of 50 cents per share, pursuant to an amalgamation agreement dated March 21, 2017, whereby the issuer acquired all of the issued and outstanding shares of 1050962 B.C. Ltd., formerly PreveCeutical Medical Inc. Of the 16,972,100 shares acquired, 7.8 million were acquired by Mr. Van Deventer in his personal name and 9,172,100 were acquired by Cornerstone Global Partners Inc., which is controlled by Mr. Van Deventer. The common shares of the issuer are listed for trading on the Canadian Securities Exchange; however, the transaction did not occur on a stock exchange or other market that represents a published market for securities.
Immediately before the completion of the transaction, Mr. Van Deventer beneficially owned or controlled 360,000 PreveCeutical shares, representing 4.36 per cent of the then issued and outstanding PreveCeutical shares. As a result of the transaction, Mr. Van Deventer beneficially owns and controls 16,972,100 PreveCeutical shares, together with 250,000 common share stock options and 360,000 common share purchase warrants, representing 34.64 per cent (35.44 per cent on a partially diluted basis) of the currently issued and outstanding PreveCeutical shares. Mr. Van Deventer (and Cornerstone Global Partners) acquired the PreveCeutical shares for investment purposes. However, Mr. Van Deventer (or Cornerstone Global Partners) will review his holdings from time to time and may, in the future, increase or decrease his ownership or control over securities of the issuer as circumstances dictate.
Upon the completion of the transaction, the issuer became a health and wellness company focused on utilizing nature and science for the benefit of health-conscious consumers and that markets nutraceutical products to such consumers. The issuer has one product for sale -- CELLB9, which is an oral solution containing polarized and potentiated essential minerals extracted from a novel peptide, obtained from Caribbean blue scorpion venom. Management of the issuer, led by Mr. Van Deventer, is currently working to research and develop other health and wellness products utilizing peptides contained in Caribbean blue scorpion venom and cannabinoids (the chemical constituents of marijuana).
An early warning report will be filed under the issuer's profile on SEDAR.
The issuer's head office is located at Suite 2200, 1177 W Hastings St., Vancouver, B.C., V6E 2K3.