Ascent Industries Corp (ASNT)

[WALL STREET KID]

Ascent (PGTMF CNSX.ASNT) shareholder Malcolm acquires 116.75 M shares
2019-02-04 10:29 ET - News Release

Mr. Drew Malcolm, a shareholder, reports
EARLY WARNING NEWS RELEASE

Drew Malcolm, a shareholder of Ascent Industries Corp., has provided the following update in accordance with National Instrument 62-103, The Early Warning System and Related Take Over Bids, and National Instrument 62-104, Take-Over Bids and Issuer Bids.

Mr. Malcolm advises that, on Feb. 1, 2019, he acquired control or direction over 116,756,421 common shares in the capital of the issuer, pursuant to certain voting trust agreements under which Mr. Malcolm has been appointed as the voting trustee.

On Feb. 1, 2019, Terry Booth, Donald Campbell, Hope Rudl, Mark Parr, James Fitzpatrick, Reid Parr, Philip Campbell, James Poelzer, Quintet Ventures Inc. and Lola Ventures Inc. (the concerned shareholders) each entered into separate voting trust agreements with Mr. Malcolm. Each voting trust agreement grants Mr. Malcolm complete discretion and control in exercising the voting rights related to all shares that are beneficially owned by each of the concerned shareholders. As a result of the voting trust agreements, Mr. Malcolm acquired voting control or direction over 116,756,421 shares.

Immediately before the completion of the acquisition, Mr. Malcolm beneficially owned or controlled 24,104,086 shares, representing approximately 7.66 per cent of the then issued and outstanding shares. As a result of the acquisition, Mr. Malcolm beneficially owns or controls 140,860,507 shares, representing approximately 44.78 per cent of the currently issued and outstanding shares (46.45 per cent on a partially diluted basis).

Mr. Malcolm acquired voting control over the shares to more effectively exercise the rights of the concerned shareholders with a view of obtaining more fulsome disclosure regarding the issuer's future business plans. Mr. Malcolm and the concerned shareholders hold the shares for investment purposes and will review their holdings from time to time and may, in the future, increase or decrease their ownership or control over securities of the issuer as circumstances dictate in accordance with the terms of the voting trust agreements.

An early warning report will be filed under the issuer's profile on SEDAR. A copy of the early warning report can also be obtained from Mr. Malcolm at 778-819 6451.

The issuer's head office is located at Suite 260, 22529 Lougheed Highway, Maple Ridge, B.C., V2X 0T5.
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