MARKHAM, ON / ACCESSWIRE / September 18, 2020 / Dr. Pardeep Nijhawan (“Dr. Nijhawan”) announces that his beneficial ownership of common shares (“Common Shares“) in the capital of Edesa Biotech, Inc. (“Edesa“) has increased by more than 2% of the issued and outstanding Common Shares from the amount reported in the early warning report Dr. Nijhawan filed dated May 11, 2020 (the “Previous Report“).
The requirement to file this press release and corresponding early warning report dated September 17, 2020 (the “Report“) was triggered on September 17, 2020 as a result of a transfer of Common Shares to Dr. Nijhawan pursuant to a private transaction, combined with a previous acquisition by Dr. Nijhawan of Common Shares that took place on May 26, 2020 and the vesting of options of Edesa (“Options“) held by Dr. Nijhawan (collectively, the “Transactions“).
Prior to the Transactions (including the vesting of any Options since the Previous Report), Dr. Nijhawan held 2,882,430 Common Shares, 44,339 Options exercisable for Common Shares within 60 days, and 11,570 warrants of Edesa (“Warrants“) exercisable for Common Shares or exercisable for Common Shares within 60 days, representing approximately 30.25% of the issued and outstanding Common Shares on a non-diluted basis and approximately 30.66% of the issued and outstanding Common Shares of Edesa on a partially-diluted basis. Pursuant to the Transactions, the aggregate number of Common Shares over which Dr. Nijhawan beneficially owns and exercises control or direction increased by 3.96% of the issued and outstanding Common Shares from the amount reported in the Previous Report.
On May 26, 2020, Dr. Nijhawan, through the facilities of the Nasdaq Capital Market, acquired an additional 3,000 Common Shares indirectly through Pardeep Nijhawan Medicine Professional Corporation at price of US$2.9797 (C$4.11 per Common Share at a rate of US$1.00 = C$1.3804, being the average daily rate of exchange for United States dollars expressed in Canadian dollars on May 26, 2020, as promulgated by the Bank of Canada (the “Acquisition Exchange Rate“) for total consideration of US$8,939.10 (C$12,339.53 calculated with reference to the Acquisition Exchange Rate).
On September 17, 2020, Dr. Nijhawan, pursuant to a private transaction, was transferred ownership of 1968160 Ontario Inc. which owns 371,727 Common Shares (the “Trigger Event“). The Trigger Event resulted in Dr. Nijhawan becoming the sole owner of 1968160 Ontario Inc., thereby resulting in Dr. Nijhawan indirectly beneficially owning an additional 371,727 Common Shares.
As reported in the Previous Report, Dr. Nijhawan held 44,339 Options which were exercisable within 60 days following the date of the Previous Report and 4,771 unvested Options that were not exercisable within 60 days following the date of the Previous Report. As a result of the vesting of Dr. Nijhawan’s Options on a continuing basis, as of the date of the Report, Dr. Nijhawan holds 48,480 Options exercisable within 60 days following the date of the Report and 630 unvested Options that will vest monthly and become exercisable through December 28, 2021.
Immediately following the Trigger Event, Dr. Nijhawan holds 3,257,157 Common Shares, 48,480 Options that are exercisable for Common Shares within 60 days, and 11,570 Warrants that are exercisable for Common Shares, representing beneficial ownership of approximately 34.01% of the issued and outstanding Common Shares on a non-diluted basis and approximately 34.42% of the issued and outstanding Common Shares on a partially-diluted basis. Pursuant to the Transactions, the aggregate number of Common Shares over which Dr. Nijhawan beneficially owns and exercises control or direction increased by 3.96% of the issued and outstanding Common Shares from the amount reported in the Previous Report. The ownership percentages described above are based on there being 9,577,619 Common Shares outstanding as of the date of the Report, as disclosed to Dr. Nijhawan by Edesa.
Dr. Nijhawan acquired the Common Shares for investment purposes and as part of a restructuring of personal affairs, and the Options were granted by Edesa as a component of compensation. Dr. Nijhawan expects to monitor the business, prospects, financial condition and potential capital requirements of Edesa, and depending on evaluation of these and other factors, Dr. Nijhawan may from time to time in the future increase or decrease his direct or indirect ownership, control or direction over Common Shares or other securities of Edesa through market transactions, private agreements, subscriptions from treasury or otherwise.
Edesa’s head office address is 100 Spy Court, Markham, Ontario, Canada, L3R 5H6.
For further information, including a copy of the corresponding report filed with Canadian securities regulators, please visit www.sedar.com or contact:
100 Spy Court
SOURCE: Pardeep Nijhawan
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