VANCOUVER, British Columbia, Jan. 21, 2020 (GLOBE NEWSWIRE) -- James Paterson announces that pursuant to a non-brokered private placement offering (the “Offering”) of common shares (“Common Shares”) by Fengro Industries Corp. (the “Corporation”), Mr. Paterson has acquired an aggregate of 35,000,000 Common Shares of the Corporation.
Under the terms of the Offering, Mr. Paterson acquired the Common Shares at a price of $0.005 per Common Share for aggregate gross proceeds of $175,000. The Common Shares were acquired pursuant to section 2.3 of National Instrument 45-106 – Prospectus Exemptions and are subject to a hold period expiring four months and one day from the date hereof.
Immediately prior to the closing of the Offering which triggered the requirement to issue this release, Mr. Paterson did not exercise control or direction over, or hold a beneficial interest in, any securities of the Corporation. Immediately after closing of the Offering that triggered the requirement to issue this release, Mr. Paterson exercises control or direction over, an aggregate 35,000,000 Common Shares, representing approximately 26.5% of the Corporation’s issued and outstanding Common Shares.
The Offering was completed by Mr. Paterson for investment purposes. Mr. Paterson may increase or reduce his investment in the Corporation according to market conditions or other relevant factors.
This news 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 (the “Early Warning Report”). A copy of the Early Warning Report is available on SEDAR under the Corporation’s issuer profile at www.sedar.com or by contacting Mr. Paterson at 604-646-4527.
James Paterson
1020-800 West Pender St., Vancouver, BC, Canada, V6C 2V6
604-646-4527
The Corporation’s head office is located at:
1100 – 1111 Melville Street
Vancouver, BC V6E 3V6