Toronto, Canada – February 24, 2022 – MyndTec Inc. (MyndTec or the Company) filed and received a receipt for its final prospectus (the Prospectus) from the Ontario Securities Commission. As a result, the Company became a reporting issuer in Ontario, Alberta, and British Columbia on February 16, 2022.
Immediately prior to MyndTec becoming a reporting issuer, James Anderson owned (i) directly, 600,000 subscription receipts units (the Subscription Receipt Units), which were subsequently automatically converted without payment of any additional consideration into 600,000 common shares in the capital of MyndTec (Common Shares) and 600,000 warrants to purchase Common Shares (the Warrants); and (ii) indirectly, through his wholly-owned company, Life Beyond Barriers, LLC, 4,151,942 Common Shares. Each Warrant entitles Mr. Anderson to purchase one Common Share at a price of Cdn$1.00 per Common Share until February 7, 2027.
James Anderson beneficially owns and/or exercises control or direction over 4,751,942 Common Shares, representing approximately 21.76% of the issued and outstanding Common Shares of MyndTec on an undiluted basis, and assuming exercise of the 600,000 Warrants held by James Anderson, Mr. Anderson would then beneficially own and/or exercise control or direction over a total of 5,351,942 Common Shares, representing approximately 24.51% of the issued and outstanding Common Shares of MyndTec on a partially diluted basis.
James Anderson intends to hold the securities owned and controlled by him for investment purposes. James Anderson will evaluate his investment in MyndTec from time to time and, except as provided herein, may, based on such evaluation, market conditions and other circumstances, acquire further securities of MyndTec or dispose of his holdings of securities of MyndTec.
Mr. Anderson and Life Beyond Barriers, LLC entered into an escrow agreement dated February 11, 2022 (the Escrow Agreement) with MyndTec, Marrelli Trust Company Limited (the Escrow Agent) and other securityholders of MyndTec pursuant to National Policy 46-201 – Escrow for Initial Public Offerings to deposit securities owned by James Anderson and Life Beyond Barriers, LLC in escrow with the Escrow Agent pursuant to the terms of the Escrow Agreement.
This press release is issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the filing of an early warning report, a copy of which can be obtained on the SEDAR profile of MyndTec at www.sedar.com or upon request via Linked-in at https://www.linkedin.com/in/lifebeyondbarriersrehabilitationgroup/. Mr. Anderson certifies to the best of his knowledge, information and belief that the statements made in this press release are true and complete in every respect.