TSX-V: MAN
VANCOUVER, BC , Feb. 13,
2023 /CNW/ - This news release relates to the common
shares (the "Shares") of Mandala Capital Inc.
("Mandala" or the "Company"). Patrick Sapphire (the
"Acquiror") announces that on February 8, 2023, Principle Capital Partners
Corporation ("PCP Corp."), acquired 1,250,000 Shares of
Mandala (the "Distribution") in connection with an initial
public offering of 5,150,000 Shares at a price of $0.10 per Share completed by the Company on
February 8, 2023 (the
"Offering"). PCP Corp. is controlled by Mr. Sapphire by
virtue of his control as a beneficial owner.
Prior to the Offering, the Acquiror directly owned 600,000
Shares representing approximately 15% of the issued and outstanding
Shares on a non-diluted basis. Following the closing of the
Offering, the Acquiror has beneficial ownership over 1,850,000
Shares (comprised of the 600,000 Shares held by Mr. Sapphire in his
personal capacity, and 1,250,000 Shares held by PCP Corp.)
representing approximately 20.3% of the issued and outstanding
Shares on a non-diluted basis.
Mr. Sapphire continues to evaluate his holdings in the Company,
including potentially disposing of additional securities in the
ordinary course of business, but has no current plan or intentions
which relate to any of the other actions requiring disclosure under
the early warning reporting provisions of applicable securities
laws. Depending on market conditions, Mr. Sapphire's view of the
Company's prospects and other factors Mr. Sapphire considers
relevant, Mr. Sapphire may acquire securities of the Company from
time to time in the future, in the open market or pursuant to
privately negotiated transactions, or may sell all or a portion of
its securities of the Company.
This press release is issued pursuant to National Instrument
62-103 - The Early Warning System and Related Take-Over Bid and
Insider Reporting Issues, which also requires a report to be
filed with regulatory authorities in each of the jurisdictions in
which the Company is a reporting issuer containing information with
respect to the foregoing matters (the "Early Warning
Report"). A copy of the Early Warning Report will appear with
the Company's documents on the System for Electronic Document
Analysis and Retrieval at www.sedar.com. The Company's head office
is located at 1500 Royal Centre, 1055 West Georgia Street,
Vancouver, British Columbia V6E
4N7.
SOURCE Mandala Capital Inc.