This news release is being disseminated by Mike Jennings (the 'Acquiror') pursuant to National Instrument 62-103, The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, in connection with the dilution of certain common shares of Next Green Wave Inc. (the 'Issuer'), a British Columbia corporation whose common shares are listed for trading on the Canadian Securities Exchange under the symbol 'NGW'.
On October 18, 2018 the offeror acquired ownership and control of 35,000,000 common shares in the capital of Next Green Wave Holdings Inc. ('NGW'). 25,000,000 of the shares were acquired pursuant to an acquisition agreement and an addition 10,000,000 were allotted as performance shares. On Completion of the IPO MR. Jennings owned 29% of the then issued and outstanding shares of NGW. On November 29, 2018 the offeror disposed of ownership and control of 2,000,000 common shares in the capital of NGW. The Common Shares sold through a private transaction.
On February 3, 2020 the offeror disposed of ownership and control of 1,500,000 common shares in settlement of a legal dispute. Following the completion of the Trades, the offeror owned and controlled 31,500,000 Common Shares representing 18.58% of the issued and outstanding Common Shares. The Acquiror holds the Common Shares for investment purposes and in accordance with applicable securities laws. The Acquiror may, from time to time, acquire additional common shares and/or other equity, debt or other securities or instruments (collectively, 'Securities') of the Issuer in the open market or otherwise, and reserves the right, subject to applicable securities law, to dispose of any or all of its Securities in the open market or otherwise at any time and from time to time, and to engage in similar transactions with respect to the Securities, the whole depending on market conditions, the business and prospects of the Issuer and other relevant factors. A copy of the early warning report dated July 2, 2020 to be filed by the Acquiror in connection with the disposition of the Common Shares of the Issuer will be available on SEDAR at www.sedar.com under the Issuer's profile.
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