TORONTO, Aug. 31, 2018 /CNW/ -- On August 17, 2018, Loeb Holding Corporation ("Loeb
Holding"), a company whose operations are under the common control
and direction of Bruce Lev as it
relates to Engagement Labs Inc. ("Engagement Labs" and/or the
"Company") (TSXV: EL), acquired an aggregate of 6,540,500 common
shares and 3,270,250 warrants upon completion of a private
placement (the "Private Placement") representing 4.58% of the
issued and outstanding common shares of Engagement Labs assuming
the exercise of the warrants. Pursuant to the terms of the Private
Placement, Loeb Holding subscribed for 6,540,500 units at a price
of $0.05 per unit. Each unit was
comprised of one common share and one-half of one warrant
exercisable at a price of $0.08 per
share for a period of 24 months.
Prior to the acquisition of the securities from the Private
Placement, Loeb Holding, directly or indirectly, beneficially owned
13,193,347 common shares of Engagement Labs, 16,277,250 warrants
and 1,669,800 options, representing approximately 22.95% of the
issued and outstanding common shares of Engagement Labs on a
partially diluted basis if Loeb Holding were to exercise all of its
warrants and vested options. As a result of the closing of the
Private Placement, Loeb Holding now owns 19,733,847 common shares
of Engagement Labs, 19,547,500 warrants and 1,669,800 options, all
of which combined represents approximately 20.96% of the
outstanding common shares of Engagement Labs on a partially diluted
basis if Loeb Holding were to exercise all of its warrants and
vested options.
Loeb Holding acquired the common shares for investment purposes.
Loeb Holding may acquire additional securities of Engagement Labs
in the future, may dispose of some or all of the securities or may
continue to hold its current position of Engagement Labs.
When Loeb Holding acquired the additional common shares through
the Private Placement, its position together with the holdings of
common shares of Engagement Labs directly or indirectly held by
both Loeb Investors Co. 170, LP ("Loeb 170") and Mr. Bruce Lev corresponded to 21.94% of the issued
and outstanding common shares of Engagement Labs on a partially
diluted basis. Mr. Lev is the General Partner of Loeb 170 and
Managing Director of Loeb Holding. In this capacity, Mr. Lev has
control and direction over the voting and disposition of securities
of Engagement Labs held by Loeb Holding and Loeb 170, but does not
beneficially own such securities.
Neither Loeb Holding nor Loeb 170 have acquired additional
common shares of Engagement Labs since the Private Placement.
The early warning report required under the Early Warning Rules
contains additional information with respect to the foregoing
matters and will be filed by Loeb Holding under the Engagement Labs
profile at www.sedar.com.
For media inquiries please contact:
Bruce Lev
Loeb Holding Corporation
Loeb Investors Co. 170, LP
BLev@loebpartners.com
212-483-7000
SOURCE Loeb Holding Corporation; Engagement Labs