HONG KONG, March 10, 2019 (GLOBE NEWSWIRE) -- Ronald Li announced today that he has transferred (the “Transfer”) 2,080,000 common shares (each, a “Share”) of Novoheart Holdings Inc. (“Novoheart”) held by him as a gift to four individuals for $nil consideration. In connection with the Transfer, Mr. Li did not pay any brokerage commission. Immediately before the Transfer, Medera Group Limited (“Medera”), which is controlled by Ronald Li, held 42,057,600 Shares, or approximately 44.44% of the Shares outstanding. Ronald Li also held 1,720,000 stock options of Novoheart. Assuming exercise of the stock options, Ronald Li, personally and through Medera, held 43,777,600 Shares which, assuming no other convertible securities are exercised, would represent approximately 45.43% of the then issued and outstanding Shares. Immediately following the Transfer, Medera holds 39,977,600 Shares, or approximately 42.24% of the Shares outstanding. Ronald Li also holds 1,720,000 stock options of Novoheart. Assuming exercise of the stock options, Ronald Li, personally and through Medera, would hold 41,697,600 Shares which, assuming no other convertible securities are exercised, would represent approximately 43.28% of the then issued and outstanding Shares.
The 2,080,000 Shares were disposed of as a gift to two scientific co-founders and two founding members of the Company. Ronald Li currently takes a long-term view of the investment in the Issuer. Ronald Li reserves the right to formulate other plans or make other proposals, and take such actions with respect to his investment in the issuer, including from time to time acquiring additional securities of the Issuer or disposing of securities of the Issuer in the open market, by private agreement or otherwise. While Ronald Li does not have any current plans or intentions that relate to or would result in the foregoing, he may at any time reconsider and change his plans or proposals relating to the foregoing.
This press release is being issued pursuant to the requirements of National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues of the Canadian Securities Administrators. For further information and to obtain a copy of the early warning report that will be filed under applicable Canadian securities laws in connection with the transactions hereunder, please see Novoheart’s profile on the SEDAR website www.sedar.com.
For further information or to obtain a copy of the early warning report please contact:
Ronald Li
Unit 811-813, 8/F
No. 15 Science Park West Avenue
Hong Kong Science Park, Shatin, New Territories
Hong Kong
Email: info@novoheart.com