Toronto, Canada – February 24, 2022 – MyndTec Inc. (MyndTec or the Company) filed and received a receipt for its final non-offering 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.
The Prospectus was filed to qualify the distribution of the securities issuable upon the conversion of 2,954,302 subscription receipt units previously issued by the Company. No securities were sold and no proceeds were raised pursuant to the Prospectus.
Immediately prior to MyndTec becoming a reporting issuer, Peter Harvey Griggs owned (i) directly, 250,000 subscription receipt units (to be converted into 250,000 common shares and 250,000 warrants to purchase common shares), 50,000 stock options (exercisable into 50,000 common shares), (ii) indirectly, through his wholly-owned company, Griggs Associates Inc., 2,254,691 common shares, 500,000 warrants (to purchase common shares), $1,027,817 in a convertible debenture (to be converted into 1,284,770 common shares and 1,284,770 warrants to purchase common shares) and 300,000 subscription receipt units (to be converted into 300,000 common shares and 300,000 warrants to purchase common shares) and (iii) indirectly, through Susan Ruth Griggs, 250,000 subscription receipt units (to be converted into 250,000 common shares and 250,000 warrants to purchase common shares).
Immediately following the conversion of the subscription receipt units and convertible debentures, Peter Harvey Griggs beneficially owns and/or exercises control or direction over 4,339,461 common shares, representing approximately 19.87% of the issued and outstanding common shares of MyndTec on an undiluted basis and assuming exercise of the 2,584,770 warrants and 50,000 stock options, beneficially owned and controlled by Peter Harvey Griggs, this would total 6,974,231 common shares, representing approximately 31.94% of the issued and outstanding common shares of MyndTec on a partially diluted basis.
In connection with the Prospectus, Griggs Associates Inc., Peter Harvey Griggs and Susan Ruth Griggs entered into an escrow agreement dated February 11, 2022 (Escrow Agreement) with MyndTec, Marrelli Trust Company Limited (Escrow Agent) and other securityholders of MyndTec pursuant to National Policy 46-201 – Escrow for Initial Public Offerings to deposit securities owned by Griggs Associates Inc., Peter Harvey Griggs and Susan Ruth Griggs 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. For further information, or to obtain a copy of the early warning report filed in connection with this press release, please contact Peter Harvey Griggs at firstname.lastname@example.org.