TORONTO, ON / ACCESSWIRE / January 26, 2021 / Mongolia Growth Group Ltd. (TSXV:YAK)(OTC PINK:MNGGF) ("MGG") or ("the Company") a commercial real estate investment company participating in the Mongolian economy, announces that Mr. Harris Kupperman of Miami Beach, Florida reports that he has acquired (the "Acquisition") ownership and control of an additional aggregate 14,500 common shares (the "Shares") of Mongolia Growth Group Ltd. (TSXV: YAK) (the "Issuer").
Mr. Kupperman filed an early warning report on July 16, 2018 that reported that he held 5,970,000 common shares, representing approximately 17.9% of the Issuer's then issued and outstanding common shares, and held options exercisable to acquire an up to an additional 313,000 common shares (the "Options"). Prior to the Acquisition, Mr. Kupperman held an aggregate of 6,300,000 common shares, representing approximately 19.8% of the issued and outstanding common shares and all of his options had expired.
Following the Acquisition, Mr. Kupperman has ownership and control of 6,314,500 common shares of the Issuer representing approximately 20.2% of the 31,281,499 issued and outstanding common shares of the Issuer. The Acquisition occurred through multiple purchases of common shares of the Issuer on the TSX Venture Exchange on January 26, 2021 for aggregate consideration in the amount of $5,220. This news release and the early warning report were filed due to Mr. Kupperman's current shareholding percentage of the issued and outstanding common shares of the Issuer representing an increase of 2% or more since his previously filed early warning report.
This acquisition was made in reliance on the normal course purchase exemption in National Instrument 62-104. The purchase was at a price that did not exceed the market price for the Shares (determined in accordance with National Instrument 62-104) and the aggregate number of common shares acquired by Mr. Kupperman over the 12 months prior to January 26, 2021 inclusive of the Shares purchased on that date, represented less than 5% of the outstanding common shares of the Issuer at the beginning of that 12 month period. Mr. Kupperman may acquire up to 5% of the Issuers' issued and outstanding common shares over the next twelve months in reliance on the normal course purchase exemption in National Instrument 62-104.
The Shares were acquired by Mr. Kupperman for investment purposes.
A copy of the early warning report filed by Mr. Kupperman in connection with the Acquisition can be found under the Issuer's profile at www.sedar.com.
For additional information, or for a copy of the early warning report, please contact:
Mrs. Genevieve Walkden, Corporate Secretary
Mongolia Growth Group Ltd. is a publicly traded and leading property investment and development company in Ulaanbaatar, Mongolia. Mongolia Growth Group Ltd. owns an extensive property portfolio in diversified segments of the property market, with an emphasis on institutional-grade commercial assets.
Forward-looking Information and Statements
This press release contains certain statements or disclosures relating to MGG that are based on the expectations of its management as well as assumptions made by and information currently available to MGG which may constitute forward-looking statements or information ("forward-looking statements") under applicable securities laws. All such statements and disclosures, other than those of historical fact, which address activities, events, outcomes, results or developments that MGG anticipates or expects may, or will occur in the future (in whole or in part) should be considered forward-looking statements. In some cases, forward-looking statements can be identified by terms such as "forecast", "future", "may", "will", "expect", "anticipate", "believe", "potential", "enable", "plan", "continue", "contemplate", "pro-forma", or other comparable terminology.
In particular, forward-looking statements in this press release include, but are not limited to, statements concerning MGG's upcoming annual meeting of shareholders and the timing thereof, the approval of the Rights Plan, the operation of the Rights Plan in the event of certain circumstances, and the amendments to the General By-Law.
Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by MGG as of the date of such statements, are inherently subject to business, economic and competitive uncertainties and contingencies. The assumptions of MGG used for this news release may prove to be incorrect. Forward-looking statements are based on current expectations, estimates and projections that involve a number of risks which could cause actual results to vary and in some instances to differ materially from those anticipated by MGG and described in the forward-looking statements contained in this press release.
Although MGG believes that the material factors, expectations and assumptions expressed in such forward-looking statements are reasonable based on information available to it on the date such statements were made, no assurances can be given as to future results, levels of activity and achievements and such statements are not guarantees of future performance. MGG's actual results may differ materially from those expressed or implied in forward-looking statements and readers should no place undue importance or reliance on the forward looking-statements. Statements including forward looking statements are made as of the date they are given and, except as required by applicable securities laws, MGG disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE: Mongolia Growth Group Ltd.
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