CALGARY, AB / ACCESSWIRE / November 4, 2019 / Stanley Leung and James Leung today announce an acquisition of common shares in Ginger Beef Corporation (the "Issuer").
Prior to the acquisition referred to below, Stanley Leung owned directly 7,436,800 Common Shares representing 55.66% of the issued and outstanding common shares and owned indirectly a total of 640,565 common shares representing 4.79% of the issued and outstanding common shares, for an aggregate amount of 8,077,365 common shares representing 60.45% of the issued and outstanding common shares of the Issuer.
Prior to the acquisition referred to below, James Leung owned directly 863,500 common shares representing 6.46% of the issued and outstanding common shares and owned indirectly a total of 941,954 common shares representing 7.05% of the issued and outstanding common shares, for an aggregate amount of 1,805,454 common shares representing 13.51% of the issued and outstanding common shares of the Issuer.
On November 1, 2019, each of Stanley Leung and James Leung acquired through the TSX Venture 160,000 common shares and 155,000 common shares of the Issuer, respectively, at a price of $0.12 per share.
As a result of the above, Stanley Leung now beneficially owns and controls a total of 8,237,365 common shares which represents 61.65% of the issued common shares of the Issuer; and James Leung now beneficially owns and controls a total of 1,960,454 common shares which represents 14.67% of the issued common shares of the Issuer.
Depending upon the circumstances, Stanley Leung and James Leung may, from time to time, acquire additional securities of the Issuer or dispose of all or a portion of their securities of the Issuer.
Stanley Leung and James Leung are relying on the exemption contained in Section 4.1(a) of National Instrument 62-104 from the requirement to make a formal take-over bid on the basis that the acquisition was for less than 5% of the outstanding common shares of the Issuer, no common shares were acquired by them in the prior 12 months and the value of consideration paid, including brokerage fees, was not in excess of the market price at the date of acquisition.
FOR FURTHER INFORMATION OR TO OBTAIN A COPY OF THE REPORT REQUIRED BY SECURITIES REGULATIONS, PLEASE CONTACT:
Stanley Leung and James Leung
Telephone: (403) 272-8088
SOURCE: Ginger Beef Corporation
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