Nice to see an insider increases his holding of shares of IP
Early Warning Report
"Identity of Acquirer
1313366 Ontario Inc. (the “Acquirer”)
55 Burbank Drive
Thornhill, ON, L4J 7T9
The transaction described in item 1 above took place on February 26, 2020, and did not
involve any joint actor of the Acquirer.
3. Interest in Securities of the Reporting Issuer
The Acquirer acquired ownership of debentures (the “Subject Debentures”) convertible
into 4,000,000 units of the Company (the “Subject Units”). Each Subject Unit consists of
one common share of the Company (each, a “Subject Share”) and one common share
purchase warrant (each, a “Subject Warrant”). The Subject Debentures represented
approximately 6.4% of all issued and outstanding common shares of the Company as of
February 26, 2020 immediately following the transaction described above, on a partially
diluted basis assuming the conversion of the Subject Debentures and the exercise of the
Subject Warrants only, resulting in a corresponding increase in the percentage of shares
held by the Acquirer as a result of the transaction.
Immediately before the transaction described above, the Acquirer held an aggregate of
4,898,000 common shares of the Company (the “Pre-Shares”), representing approximately
4.2% of the issued and outstanding common shares of the Company.
Immediately following the transaction described above, the Acquirer held an aggregate of
4,898,000 common shares (the “Post-Shares”) and convertible securities, including the
Subject Debentures, entitling the Acquirer to acquire an additional 8,000,000 common
shares of the Company (the “Post-Convertible Securities”), representing approximately
4.2% of the issued and outstanding common shares of the Company (or approximately
10.4% assuming exercise of such Post-Convertible Securities only).
4. Consideration Paid.
The aggregate consideration payable for the Subject Debentures was $200,000. "