TORONTO, Sept. 26,
2023 /CNW/ - Smoothwater Capital Corporation
("Smoothwater"), the largest shareholder of Genesis Land
Development Corp. (TSX: GDC) ("Genesis"), announces that on
September 25, 2023 it acquired an
aggregate of 600,900 common shares of Genesis (the "Common Shares")
at a price of $2.19 per Common Share
on the market for total consideration of $1,315,971 (the "Purchase"), representing
approximately 1.06% of the outstanding Common Shares as at
July 27, 2023 (the "Outstanding
Shares"). Smoothwater made the Purchase in accordance with the
"normal course purchase" exemption contained in section 4.1 of
National Instrument 62-104 – Take-Over Bids and Issuer Bids
("NI 62-104") (the "Exemption").
Prior to the Purchase, Smoothwater had ownership and control
over 30,880,280 Common Shares, representing approximately 54.32% of
the Outstanding Shares. After giving effect to the Purchase,
Smoothwater had ownership and control over an aggregate of
31,481,180 Common Shares, representing approximately 55.37% of the
Outstanding Shares.
From the date of its last early warning report dated September 16, 2021 to September 24, 2023,
Smoothwater acquired 790,500 Common Shares (representing
approximately 1.39% of the Outstanding Shares) by way of market
purchases (the "Prior Purchases") at prices ranging from
$1.98 to $2.80 per Common Share in reliance
upon the Exemption.
There is a published market for the Common Shares.
In purchasing the Common Shares subject to the Purchase and the
Prior Purchases, Smoothwater was entitled to rely on the Exemption
because (i) the aggregate number of
Common Shares acquired
in reliance on the Exemption
by Smoothwater and any person acting
jointly or on concert with Smoothwater in the same 12 month
period does not exceed 5% of the
Common Shares outstanding at the beginning of the 12 month period,
(ii) there is a published market for the Common Shares, and (iii)
the value of the consideration paid for the Common Shares was not
greater than the market price of Common Shares on the Toronto Stock
Exchange, as determined in accordance with section 1.11 of NI
62-104, plus reasonable brokerage fees and commissions actually
paid.
Smoothwater holds the Common Shares noted above for investment
purposes. Smoothwater
and/or its joint actors may, from time to time on an individual or joint basis in the future, directly
or indirectly acquire ownership of or control over additional
securities of Genesis.
An early warning report in connection with this press release is
being filed by Smoothwater in accordance with applicable Canadian
securities laws and will be available on the SEDAR website at
www.sedar.com and can also be obtained by contacting Stephen J. Griggs, Chief Executive Officer of
Smoothwater, at 416.644.6582.
SOURCE Smoothwater Capital Corporation
