New Insight Incentive Plan Company acquires securities of PopReach Corporation
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES AND NOT FOR DISSEMINATION IN THE UNITED STATES/
TORONTO, Nov. 9, 2020 /CNW/ - New Insight Incentive Plan Company ("New Insight"), a 100% owned subsidiary of eWTP Tech Innovation Fund LP, announces that in connection with the closing of a private placement announced by PopReach Corporation ("PopReach") on November 5, 2020 it has acquired ownership and control over 5,798,611 common shares which were issued at a price of $0.72 per common share for a total of $4.175 million, resulting in New Insight holding approximately 9.99% of issued share capital of PopReach. The remaining portion of the Private Placement has closed in trust and promptly upon completion of the Exchange's customary clearance process, the funds will be released to PopReach and an additional 1,145,833 common shares will be issued to New Insight at a price of $0.72 per common share for a total of $825,000. Thereafter, New Insight will hold, directly or indirectly, an aggregate of 6,944,444 common shares, representing approximately 11.73% of the issued and outstanding common shares of PopReach.
Immediately prior to closing of the Private Placement, New Insight did not own or exercise control or direction over any common shares of PopReach.
The common shares were acquired by New Insight for investment purposes. New Insight may, from time to time, increase or decrease its shareholding or continue to hold common shares as it may determine appropriate in the normal course of investment activity. In the future, New Insight may, directly or indirectly, acquire additional common shares of PopReach or dispose of such shares subject to a number of factors, including, without limitation, general market and economic conditions and other investment and business opportunities available.
New Insight's address is Grand Pavilion, Hibiscus Way, 802 West Bay Road, Grand Cayman, KY1 - 1205 Cayman Islands. New Insight is incorporated in the Cayman Islands and its principal business is to undertake an array of investments. PopReach's head office is located at 1 University Avenue, 3rd floor Toronto, Ontario M5J 2P1. A copy of the early warning report filed by New Insight in connection with the Private Placement is available on PopReach's SEDAR profile.
SOURCE New Insight Incentive Plan Company
Yang Chen, [email protected], +1 (425) 365-6600
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