/NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER UNITED STATES NEWSWIRE SERVICES/
GEORGETOWN, ON , June 30, 2022 /CNW/ - This press release is being disseminated as required by National Instrument 62–103 - The Early Warning System and Related Take Over Bids and Insider Reporting Issues and National Instrument 62–104 - Take-Over Bids and Issuer Bids ("NI 62-104") in connection with the filing of an early warning report by George Barakat in respect of the a change in a material fact contained in the early warning report filed originally by Mr. Barakat on April 21, 2022, as amended by and amended early warning report filed on May 9, 2022 (the "Recent Report"), which change results from Mr. Barakat's present intention to dispose of common shares (each, a "Common Share") in the capital of Jack Nathan Medical Corp. (the "Issuer") (TSXV: JNH.V).
On June 30, 2022, Mr. Barakat made a determination that he would seek to dispose of Common Shares beneficially owned by him, or over which he has control or direction, including the Common Shares held by GKAT Inc., in order to meet his liquidity needs from time to time. In accordance with Section 5.2(2) of NI 62-104, Mr. Barakat's intention to dispose of such Common Shares constitutes a change in a material fact contained in the Recent Report, being the most recent report required to be filed by Mr. Barakat under paragraph (1)(b) or under paragraph (a) of Section 2.2 of NI 62-104. The Recent Report disclosed that Mr. Barakat, whether alone or with any joint actors, had no plans or intentions which relate, or would result in a change, to any items set out in Item 5 of the Amended Report, which, included, without limitation, any plans to acquire additional, or dispose of, securities of the Issuer. The Recent Report further provided that the Mr. Barakat may increase or decrease his investment, directly or indirectly, in securities of the Issuer from time to time, depending on market conditions or any other relevant factors.
There has been no change to the number of Common Shares, or other securities of the Issuer, beneficially owned by Mr. Barakat, or over which he has control or direction, since the Recent Report. Mr. Barakat beneficially owns or, through GKAT Inc., exercises control or direction over 14,991,680 Common Shares and options (each, an "Option") to acquire an additional 700,000 Common Shares, representing approximately 17.97% of the issued and outstanding Common Shares on a non-diluted basis and representing approximately 18.66% of the issued and outstanding Common Shares, assuming the full exercise of all of the Options that Mr. Barakat beneficially owns or exercises control or direction over.
In addition, Mr. Barakat and certain companies controlled by him (collectively the "Plaintiffs") commenced a legal proceeding against the Issuer (the "Proceedings"), the directors of the Issuer, and others (collectively, the "Defendants") in the Ontario Superior Court of Justice under court file number CV-22-00681249-0000. In response to the Proceedings, the Plaintiffs have received a Notice of Intent to Defend on behalf of all of the Defendants.
A copy of the report relating to this acquisition may be found on the Issuer's profile at www.sedar.com and can be obtained by contacting the contact set out below.
SOURCE George Barakat
View original content: http://www.newswire.ca/en/releases/archive/June2022/30/c1055.html