Verdun, Quebec--(Newsfile Corp. - April 17, 2024) - Mr. Liang Qiu, a director and the Chief Executive Officer of the Chinese operations of Tenet Fintech Group Inc. (the "Company"), today announced that he has acquired ownership and control of 475 units of the Company (82 Richmond St. E., Suite 305, Toronto, ON M5C 1P1) (the "Units") on April 16, 2024, for a purchase price of $475,000. Mr. Qiu acquired the Units pursuant to the Financing (as defined in the Company's press release dated April 17, 2024). The acquisition of the Units did not take place across the facilities of any market.
Each Unit is comprised of: (i) one 10.0% non-secured convertible debenture of the Company in the principal amount of $1,000 (a "Convertible Debenture"); and (ii) 4,000 warrants (the "Warrants") to purchase common shares of the Company (the "Common Shares"). The Convertible Debentures will mature 36 months from the date of issuance (the "Maturity Date") and, subject to prior conversion in accordance with their terms, will be repaid in cash at the Maturity Date. Each Warrant will be exercisable to acquire one Common Share at an exercise price of $0.50 per share for a period of 24 months from the date of issuance thereof.
Immediately prior to the completion of the acquisition of securities of the Company on April 16, 2024, Mr. Qiu had ownership of, and control and direction over, an aggregate of (i) 4,093,337 Common Shares of the Company representing approximately 2.84% of the then-issued and outstanding Common Shares of the Company on a non-diluted basis (10.01% of the then-issued and outstanding Common Shares on a partially diluted basis); and (ii) 666,600 Options representing approximately 20.11% of the outstanding Options; (iii) 5,400,000 warrants representing approximately 7.45% of the outstanding warrants; and (iv) $ 1,350,000 principal amount of Convertible Debentures, representing approximately 13.93% of outstanding Convertible Debentures. Immediately following the completion of the acquisition of securities of the Company on April 16, 2024, Mr. Qiu had ownership of, and control and direction over, an aggregate of (i) 4,093,337 Common Shares of the Company, representing approximately 2.84% of the issued and outstanding Common Shares of the Company on a non-diluted basis (12.15% of the issued and outstanding Common Shares on a partially diluted basis); (ii) 666,600 Options, representing approximately 20.11% of the outstanding Options; (iii) 7,300,000 Warrants, representing approximately 8.55% of the outstanding Warrants; and (iv) $ 1,825,000 principal amount of Convertible Debentures, representing approximately 15.59% of the outstanding Convertible Debentures. If Mr. Qiu were to exercise or convert, as the case may be, all of his convertible securities, he would hold approximately 12.15% of the issued and outstanding Common Shares on a partially diluted basis.
Mr. Qiu holds the Common Shares, Options, Warrants and Convertible Debentures for investment purposes. Mr. Qiu may, from time to time, take such actions in respect of his holdings in securities of the Company as he may deem appropriate in light of the circumstances then existing, including the purchase of additional Common Shares or other securities of the Company or the disposition of all or a portion of his security holdings in the Company, subject in each case to applicable securities laws and the terms of such securities.
This news release is being disseminated in accordance with National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the filing of an early warning report on www.sedarplus.ca under the Company's profile. To obtain a copy of the early warning report filed by Mr. Qiu, please contact Mr. Qiu at (514) 340-7775, or refer to www.sedarplus.ca under the Company's profile.
About Tenet Fintech Group Inc.:
Tenet Fintech Group Inc. is the parent company of a group of innovative financial technology (Fintech) and artificial intelligence (AI) companies. All references to Tenet in this news release, unless explicitly specified, include Tenet and all its subsidiaries. Tenet's subsidiaries offer various analytics and AI-based products and services to businesses, capital markets professionals, government agencies and financial institutions either through or leveraging data gathered by the Cubeler® Business Hub, a global ecosystem where analytics and AI are used to create opportunities and facilitate B2B transactions among its members. Please visit our website at: www.tenetfintech.com.
For more information, please contact:
Tenet Fintech Group Inc.
Mayco Quiroz, Chief Operating Officer
514-340-7775 ext.: 510
investors@tenetfintech.com
CHF Capital Markets
Cathy Hume, CEO
416-868-1079 ext.: 251
cathy@chfir.com
Follow Tenet Fintech Group Inc. on social media:
X: @Tenet_Fintech
Facebook: @Tenet
LinkedIn: Tenet
YouTube: Tenet Fintech
Forward-Looking information
Certain statements in this press release constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements in this press release include statements regarding any additional tranche closings of the Offering and the use of proceeds of the Offering. Such forward-looking statements are based on the current expectations of management of Tenet. Actual events and conditions could differ materially from those expressed or implied in this press release as a result of known and unknown risk factors and uncertainties affecting Tenet, including risks regarding the industry in which Tenet operates, economic factors, the equity markets generally and risks associated with growth and competition. Additional risk factors are also set forth in the Company's management's discussion and analysis and other filings available via the System for Electronic Document Analysis and Retrieval (SEDAR+) under Tenet's profile at www.sedarplus.ca. Although Tenet has attempted to identify certain factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.
Forward-looking statements reflect information as of the date on which they are made. The Company assumes no obligation to update or revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, unless required by applicable securities laws. In the event the Company does update any forward-looking statement, no inference should be made that the Company will make additional updates with respect to that statement, related matters, or any other forward-looking statement.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.