NOT FOR DISSEMINATION IN THE UNITED STATES OR DISTRIBUTION TO U.S. NEWS WIRE SERVICES
TORONTO, June 11, 2021 (GLOBE NEWSWIRE) — FAX Capital Corp. (FAX or the Company) (TSX:FXC, FXC.WT)) is pleased to announce that it has acquired ownership of 902,000 common shares (the Shares) of BioSyent Inc. (BioSyent) (TSXV:RX) through the facilities of the Neo Exchange Inc. (the Acquisition). The Shares were acquired at an average price of $7.50 per Share and an aggregate purchase price of $6,765,000. Immediately prior to the Acquisition, the Company owned 1,219,100 Shares, representing 9.59% of the outstanding Shares. Following the completion of the Acquisition, FAX now owns 2,121,100 Shares, representing 16.69% of the total number of outstanding Shares of BioSyent.
The Company currently has no plans or intentions with respect to the acquired Shares of BioSyent and the Shares are being held for investment purposes. In the future, the Company may acquire additional Shares, or dispose of its holdings, both as investment conditions warrant.
BioSyent is a publicly traded specialty pharmaceutical company which, through its wholly owned subsidiaries, BioSyent Pharma Inc. and BioSyent Pharma International Inc., sources, acquires or in-licences and further develops pharmaceutical and other healthcare products for sale in Canada and certain international markets. The head office of BioSyent is located at 2476 Argentia Road Suite 402, Mississauga, Ontario, L5N 6M1.
The Company has today filed an early warning report under National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in respect of the Acquisition. A copy of the early warning report …