TORONTO, June 13, 2019 /CNW/ -- On June 11, 2019 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
18,865,904 common shares of the Company upon completion of the
conversion of all of the issued and outstanding 1% Debentures of
the Company due September 28, 2020
(the "1% Debentures"), the outstanding principal amount of
which was converted into common shares at a price of $0.11 per share, and accrued interest thereon was
converted into common shares at $0.06
per share (the "1% Debenture Conversion"). The 1%
Debenture Conversion occurred on June 11,
2019 following the approval of the 1% Debenture Conversion
by holders of the 1% Debentures on May 21,
2019, receipt of final approval from the TSX Venture
Exchange, and implementation of the 1% Debenture Conversion with
the trustee for the 1% Debentures.
Prior to the acquisition of the securities from the 1% Debenture
Conversion, Loeb Holding, directly or indirectly, beneficially
owned 21,732,581 common shares of Engagement Labs on a
partially diluted basis, assuming the exercise of its
9,773,750 warrants and 934,900 vested options into common
shares, representing approximately 13.04 % of the issued and
outstanding common shares of Engagement Labs. As a result of
the completion of the 1% Debenture Conversion, Loeb Holding now
owns 40,598,485 common shares of Engagement Labs on a partially
diluted basis, assuming the exercise of 9,773,750 warrants and
934,900 vested options, all of which combined represents
approximately 17.31% of the outstanding common shares of Engagement
Labs.
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 1% Debenture Conversion, 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 17.31% 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 1% Debenture
Conversion.
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 Engagement Labs; Loeb Holding Corporation