MWM Enterprises Ltd. Acquires Common Shares of Genesis Land Development Corp.
TORONTO, Dec. 16, 2020 (GLOBE NEWSWIRE) — MWM Enterprises Ltd. (MWM) announces that between November 17 and December 14, 2020 it acquired an aggregate of 2,015,000 common shares of Genesis Land Development Corp. (Genesis), representing approximately 4.8% of the 41,929,335 issued and outstanding common shares (the Outstanding Shares) as at November 5, 2020, as reported by Genesis in its management’s discussion and analysis for the three and nine months ended September 30, 2020.
MWM initially acquired 1,260,000 common shares on November 17, 2020 at an average price of $1.88 per common share pursuant to a private sale agreement for aggregate consideration of approximately $2,368,800, representing approximately 3.0% of the Outstanding Shares. On December 14, 2020, it acquired an additional 755,000 common shares at an average price of $2.2499 per common share pursuant to a private sale agreement for aggregate consideration of approximately $1,698,674, representing approximately 1.8% of the Outstanding Shares.Prior to such purchases, MWM and its sole shareholder had ownership or control over 5,275,333 common shares, representing approximately 12.6% of the Outstanding Shares. After giving effect to the purchases, MWM and its sole shareholder have ownership and control over an aggregate of 7,290,333 common shares, representing approximately 17.4% of the Outstanding Shares.MWM acquired the common shares for investment purposes. MWM may, from time to time in the future, directly or indirectly acquire or sell securities of Genesis.An early warning report in connection with this press release is being filed by MWM in accordance with applicable Canadian securities laws and will be available on the SEDAR at www.sedar.com and can also be obtained by contacting Mr. Mark Mitchell, the President of MWM at email@example.com.For more information, including to obtain a copy of the early warning report to which this press release relates, please contact:MWM Enterprises Ltd.
Attn: Mark Mitchell
Address: Suite 1204
1755 West 14th Avenue
Telephone: (403) 919-2341