Royal Lifescience Corp. Announces Early Warning Update
1780 – 400 Burrard Street Vancouver, British Columbia V6B 3K1
May 31, 2016
NEWS RELEASE
Royal Lifescience Corp. Announces Early Warning Update
Vancouver, BC – Mr. Craig D. Thomas (the “Offeror”) of Suite 1780 – 400 Buarrard Street, Vancouver, BC advises that on May 30, 2016 he completed transfer of a total of 100,000 common shares of Royal Lifescience Corp. (the “Common Shares” and the "Issuer" respectively) representing 2% of the Issuer’s issued and outstanding common shares for an aggregate cash consideration of $5,000.00. The transfer was previously announced by the Company on April 28, 2015.
Immediately prior to the acquisition, the Offeror held, directly and indirectly, 600,000 Common Shares representing 12% of the issued and outstanding Common Shares. The Offeror also held a total of 300,000 stock options (the "Options") of the Issuer. Assuming the exercise of all of the Options owned or controlled by the Offeror prior to their expiry, he would then beneficially own, control or have direction over, directly or indirectly, 900,000 Common Shares representing 16.98% of the issued and outstanding Commons Shares.
As of the date hereof, the Offeror holds, directly and indirectly 500,000 Common Shares representing 10% of the issued and outstanding Common Shares and 300,000 Options of the Issuer. Assuming the exercise of all of the Options owned or controlled by the Offeror prior to their expiry, he would then beneficially own, control or have direction over, directly or indirectly, 800,000 Common Shares representing 15.09% of the issued and outstanding Common Shares.
This acquisition was carried out privately in connection with the election of the transferee to the Issuer’s board of directors. The transferred Common Shares are currently held in escrow pursuant to the TSX Venture Exchange requirements. The Offeror may from time to time increase or decrease his investments in the Issuer depending on market conditions or any other relevant factor.
This press release is being disseminated as required by National Instrument 62-103, The Early Warning System and Related Take-Over Bids and Insider Reporting Issues, which also requires a report to be filed with the British Columbia and Alberta Securities Commissions containing information with respect to the foregoing matters. Further information (including a copy of the early warning report to be filed on SEDAR) can be obtained at www.sedar.com under the Issuer's profile.
About the Company The Company is designated as a Capital Pool Company by the Exchange. The Company has not commenced commercial operations and has no assets other than cash. The only business of the Company is the identification and evaluation of assets or businesses with a view to completing a "Qualifying Transaction" in accordance with Exchange Policy 2.4 - Capital Pool Companies.
On Behalf of the Board of Directors
“Craig D. Thomas”
Craig D. Thomas, CEO, CFO, Corporate Secretary and Director For further information or to obtain a copy of the early warning report, please contact:
Craig D. Thomas, telephone: (778) 389-2936
Neither the TSX Venture Exchange not its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.