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 in connection with the acquisition of securities of Bluedrop Performance Learning Inc. (“Bluedrop“) by Derrick Rowe (the “Acquiror“).
The Acquiror announced today that he exercised incentive stock options (Options) to acquire an additional 3,591,423 common shares of Bluedrop (Common Shares) or approximately 3.5% of the Common Shares currently issued and outstanding.
The Acquiror acquired 2,901,423 Common Shares on exercise of the Options at an aggregate exercise price of $377,185 (being $0.13 per Common Share) and 690,000 Common Shares of on exercise of the Options at an aggregate exercise price of $51,750 (being $0.075 per Common Share) in accordance with the terms and conditions of the Options.
Prior to the transaction, Name 3 Capital Inc. (Name 3), a company owned and controlled by the Acquiror, beneficially owned 12,001,481 Common Shares and the Acquiror beneficially owned or exercised control or direction over an additional 2,457,822 Common Shares which are held in accounts for the benefit of the Acquiror and/or his family members.
The Acquiror now owns or exercises control or direction over: (a) 12,001,481 Common Shares, indirectly through his holding company, Name 3; (b) 1,250,555 Common Shares held in accounts for the benefit of his family members; and (c) an 4,798,690 Common Shares of held directly by the Acquiror. The aggregate 18,050,726 Common Shares held or controlled by the Acquiror, directly and indirectly, represent approximately 17.09% of the Common Shares outstanding as of the date hereof., not taking into account any other exercise of Options of which Bluedrop may have notice as of todays date.
The aggregate 3,591,423 Common Shares were acquired through the exercise of Options and were acquired for investment purposes. The Acquiror may increase or decrease his holdings of Common Shares from time to time, depending on market and other conditions.
Further details may be obtained from the Early Warning Report filed on SEDAR by the Acquiror under Bluedrops profile.
Chief Financial Officer