VANCOUVER, British Columbia, April 10, 2017 (GLOBE NEWSWIRE) -- Corner Market Capital Corp. ("CMCC"). This press release is being disseminated as required by National Instrument 62-103 The Early Warning System and Related Take Over Bid and Insider Reporting Issues in connection with the filing of an early warning report (the "Early Warning Report") dated April 10, 2017 regarding the acquisition of securities of Premier Diversified Holdings Inc. (the "Company") by CMCC of Suite 301-3185 Willingdon Green, Burnaby, BC, V5G 4P3.
As a result of acquisitions made by way of direct purchase from the Company pursuant to a private placement offering, CMCC indirectly acquired an aggregate of 4,000,000 common shares (the "Shares") of the Company at a price of $0.10 per Share on April 10, 2017. The price was paid in cash to the Company, for aggregate consideration paid of $400,000.
CMCC is a 65% shareholder of Corner Market Capital U.S. Inc. (“CMC US”). CMC US is the general partner of MPIC Fund I, Limited Partnership ("MPIC"). The Shares were acquired through MPIC and are registered in MPIC's name.
Immediately following the acquisition, CMCC indirectly owns and controls a total of 60,962,535 Shares, representing approximately 40.16% of the currently issued and outstanding Shares of the Company (on an undiluted basis). MPIC Canadian Limited Partnership ("MPIC Canada") directly holds 4,940,288 Shares, approximately 3.25% (on an undiluted basis) of the issued and outstanding Shares of the Corporation. Corner Market Management Inc. ("CMMI") is the general partner of MPIC Canada. CMCC holds 100% of CMMI. MPIC directly holds 56,022,247 Shares, approximately 36.91% (on an undiluted basis) of the issued and outstanding Shares of the Corporation. CMCC, CMC US, MPIC, CMMI and MPIC Canada are joint actors.
CMCC and its joint actors may acquire additional Shares of the Company to maintain their current percentage holdings and to avoid dilution of their holdings. CMCC and its joint actors do not currently intend to dispose of Shares of the Company; however CMCC may increase or decrease its beneficial ownership or control depending on market or other conditions.
A copy of the related Early Warning Report may be found on www.SEDAR.com under the profile of Premier Diversified Holdings Inc.
DATED April 10, 2017.
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