VANCOUVER, BC, Jan. 6, 2025
/CNW/ - Selby Family Trust 2022 ("Selby Trust"), a
trust formed and existing in the province of British Columbia, has agreed to sell an
aggregate of 2,700,000 common shares (the "Shares") of
Generative AI Solutions Corp. (CSE: AICO) ("GEN AI") to Mr.
Patrick Gray pursuant to a private share purchase agreement
between Selby Trust and Mr. Gray (the "Transaction").
Mr. Gray is the Chief Executive Officer and a director of GEN
AI.
The Shares represent approximately 3.49% of the issued and
outstanding common shares of GEN AI. The Shares will be sold for
cash consideration of CAD$0.01 per
Share, Selby Trust's original cost base for the Shares,
representing an aggregate purchase price of CAD$27,000. Completion of the Transaction is
subject to customary closing conditions and receipt of certain
regulatory approvals. Following completion of the Transaction,
Selby Trust will own 6,900,000 common shares of GEN AI representing
8.9% of the common shares of GEN AI.
Following the Transaction, Selby Trust will cease to be an
insider of GEN AI.
The Shares are being acquired by Mr. Gray for investment
purposes. Mr. Gray does not have any current intentions to
significantly increase or decrease its beneficial ownership of,
control or direction over, any additional securities of GEN AI, but
Mr. Gray may, from time to time, and depending on market and other
conditions, acquire additional securities of GEN AI, dispose of
some or all of the existing or additional securities it holds or
will hold, or may continue to hold its current position, depending
on market conditions, reformulation of plans and/or relevant
factors.
This news release is issued pursuant to National Instrument
62-103 – The Early Warning System and Related Take-Over Bid and
Insider Reporting Issues. An early warning report will be
electronically filed by the Selby Trust with the applicable
securities commission in each jurisdiction where GEN AI is a
reporting issuer and will be available on GEN AI's SEDAR+ profile
at www.sedarplus.ca.
SOURCE Selby Family Trust 2022