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PHOENIX, AZ, August 2, 2019 - TheNewswire - 4Front Ventures Corp. ("4Front" or the "Company")
Certain former shareholders of Cannex Capital Holdings Inc. ("Cannex"), with offices located at 1241 Alberni Street, Vancouver, BC V6E 4R4 today report that they will file early warning reports under National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues ("NI 62-103") in connection with the closing of the previously announced business combination (the "Transaction") involving 4Front Corp., Cannex, 4Front Holdings LLC and 1196260 B.C. Ltd. Pursuant to the Transaction, in exchange for the securities of the Company, the former Cannex shareholders will report as follows:
Leo Gontmakher
Mr. Leo Gontmakher, with offices located at c/o 840 140th Avenue NE, Bellevue, WA 98005, today announced that he will file an early warning report under NI 62-103 in connection with the closing of the Transaction. Pursuant to the Transaction, Mr. Gontmakher acquired beneficial ownership of, or control or direction over (i) 374,360 Resulting Issuer Proportionate Voting Shares for 29,948,857 class A Cannex, which Resulting Issuer Proportionate Voting Shares are convertible into Resulting Issuer Subordinate Voting Shares on the basis of 80 Resulting Issuer Subordinate Voting Shares for each Resulting Issuer Proportionate Voting Share, as permitted by the articles of amalgamation of the Company. In addition, Mr. Gontmakher acquired beneficial ownership, control or direction over 22,500 options to acquire Resulting Issuer Proportionate Voting Shares. The aggregate Resulting Issuer Proportionate Voting Shares over which Mr. Gontmakher acquired beneficial ownership, control or direction represent approximately 20.4% of the issued and outstanding Resulting Issuer Subordinate Voting Shares on an as-converted and partially-diluted basis. Prior to the Transaction, Mr. Gontmakher did not hold any securities of the Company.
Vlad Orlovskii
Mr. Vlad Orlovskii, with offices located at c/o 840 140th Avenue NE, Bellevue, WA 98005, today announced that he will file an early warning report under NI 62-103 in connection with the closing of the Transaction. Pursuant to the Transaction, Mr. Gontmakher acquired beneficial ownership of, or control or direction over (i) 350,665 Resulting Issuer Proportionate Voting Shares for 28,053,223 class A Cannex Shares, which Resulting Issuer Proportionate Voting Shares are convertible into Resulting Issuer Subordinate Voting Shares on the basis of 80 Resulting Issuer Subordinate Voting Shares for each Resulting Issuer Proportionate Voting Share, as permitted by the articles of amalgamation of the Company. In addition, Mr. Orlovskii acquired beneficial ownership, control or direction over 15,000 options to acquire Resulting Issuer Proportionate Voting Shares. The aggregate Resulting Issuer Proportionate Voting Shares over which Mr. Orlovskii acquired beneficial ownership, control or direction represent approximately 18.1% of the issued and outstanding Resulting Issuer Subordinate Voting Shares on an as-converted and partially-diluted basis. Prior to the Transaction, Mr. Orlovskii did not hold any securities of the Company.
Arkadi Gontmakher
Mr. Arkadi Gontmakher, with offices located at c/o 840 140th Avenue NE, Bellevue, WA 98005, today announced that he will file an early warning report under NI 62-103 in connection with the closing of the Transaction. Pursuant to the Transaction, Mr. Gontmakher acquired beneficial ownership of, or control or direction over (i) 214,281 Resulting Issuer Proportionate Voting Shares for 17,142,548 class A Cannex Shares, which Resulting Issuer Proportionate Voting Shares are convertible into Resulting Issuer Subordinate Voting Shares on the basis of 80 Resulting Issuer Subordinate Voting Shares for each Resulting Issuer Proportionate Voting Share, as permitted by the articles of amalgamation of the Company. The aggregate Resulting Issuer Proportionate Voting Shares over which Mr. Gontmakher acquired beneficial ownership, control or direction represent approximately 11% of the issued and outstanding Resulting Issuer Subordinate Voting Shares on an as-converted and partially-diluted basis. Prior to the Transaction, Mr. Gontmakher did not hold any securities of the Company.
This press release is being disseminated as required by NI 62-103 in connection with the filing of an early warning report (the "Early Warning Report"). A copy of the early warning reports referred to above will be available under the Company's profile on SEDAR at www.sedar.com or by contacting Jake Wooten of 4Front at jake.wooten@4frontventures.com or 5060 North 40th Street, Suite 120, Phoenix, Arizona, 85018.
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