Mr. Mark Mitchell of MWM reports
MWM ENTERPRISES LTD. ACQUIRES COMMON SHARES OF GENESIS LAND DEVELOPMENT CORP.
Between Nov. 17 and Dec. 14, 2020, MWM Enterprises Ltd. acquired an aggregate of 2,015,000 common shares of Genesis Land Development Corp., representing approximately 4.8 per cent of the 41,929,335 issued and outstanding common shares (the outstanding shares) as at Nov. 5, 2020, as reported by Genesis in its management's discussion and analysis for the three and nine months ended Sept. 30, 2020.
MWM initially acquired 1.26 million common shares on Nov. 17, 2020, at an average price of $1.88 per common share pursuant to a private sale agreement for aggregate consideration of approximately $2,368,800, representing approximately 3.0 per cent of the outstanding shares. On Dec. 14, 2020, it acquired an additional 755,000 common shares at an average price of $2.2499 per common share pursuant to a private sale agreement for aggregate consideration of approximately $1,698,674, representing approximately 1.8 per cent of the outstanding shares.
Prior to such purchases, MWM and its sole shareholder had ownership or control over 5,275,333 common shares, representing approximately 12.6 per cent of the outstanding shares. After giving effect to the purchases, MWM and its sole shareholder have ownership and control over an aggregate of 7,290,333 common shares, representing approximately 17.4 per cent of the outstanding shares.
MWM acquired the common shares for investment purposes. MWM may, from time to time in the future, directly or indirectly acquire or sell securities of Genesis.
An early warning report in connection with this press release is being filed by MWM in accordance with applicable Canadian securities laws and will be available on SEDAR and can also be obtained by contacting Mark Mitchell, president of MWM, at firstname.lastname@example.org.
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