TORONTO – On November 15, 2021, Green Scientific Labs Holdings Inc. (formerly Prominex Resource Corp.) completed a reverse takeover transaction pursuant to which the Company acquired Green Scientific Labs, LLC. In connection with the RTO, the class A subordinate voting shares of the Company have been conditionally approved for listing on the Canadian Securities Exchange under the symbol “GSL”.
Upon the completion of the RTO, Green Scientific Labs Management Group, LLC acquired beneficial ownership directly over: (a) 2,089,141 SV Shares, representing approximately 14.22% of the issued and outstanding SV Shares; and (b) 21,932 class B multiple voting shares of the Company, representing approximately 33.76% of the issued and outstanding MV Shares. The MV Shares are convertible into SV Shares in accordance with their terms on the basis of 100 SV Shares for each MV Share. On an as-converted basis (assuming all outstanding MV Shares are converted to SV Shares), GSLMG holds 20.21% of the issued and outstanding SV Shares. Prior to the to the closing of the RTO, GSLMG did not hold any securities of the Company.
In accordance with applicable securities laws, GSLMG may, from time to time and at any time, acquire additional SV Shares and MV Shares and/or other equity, debt or other securities or instruments of the Company in the open market or otherwise, and GSLMG reserves the right to dispose of any or all of its Securities in the open market or otherwise at any time and from time to time, and to engage in similar transactions with respect to the Securities, the whole depending on market conditions, the business and prospects of the Company and other relevant factors.
The head office of the Company is located at 4001 SW 47th Avenue, Suite 208, Davie, Florida, 33314. GSLMG is located at 4401 SW 41 Street, Davie, FL USA 33314. A copy of the early warning report to which this news release relates will be available on the SEDAR profile of the Company at www.sedar.com.
(This information is primarily sourced from Scientific Labs Management Group, LLC. Highly Capitalized has neither approved nor disapproved the contents of this news release. Read our Disclaimer here).