This press release is issued pursuant to Multilateral Instrument 62-104 - Take-Over Bids and Issuer Bids and National Instrument 62-103- The Early Warning System and Related Take-Over Bid and Insider Reporting Issues. This press release updates Mr. Zhang's early warning report dated November 26, 2015.
GZIRA, Malta, Sept. 10, 2018 (GLOBE NEWSWIRE) -- Zhang, Sicheng of Gzira, Malta has disposed of 15,000,000 series C preferred shares ("Series C Preferred Shares") of CanAsia Financial Inc. (the "Issuer" or "CanAsia") by private agreement dated September 6, 2018. In addition, 7,500,000 share purchase warrants of the Issuer held by Mr. Zhang expired on September 9, 2018.
Prior to the disposition and expiration, Mr. Zhang owned 29,000,000 common shares of the Issuer ("Common Shares"), 15,000,000 Series C Preferred Shares and 7,500,000 Warrants (29.54% undiluted (42.68% diluted)). Mr. Zhang now beneficially owns, controls or has direction over, directly, 29,000,000 Common Shares, representing 25.63% of the issued and outstanding Common Shares.
The Series C Preferred Shares were sold to reduce Mr. Zhang's holdings and Mr. Zhang intends to evaluate these holdings and to increase or decrease his investment in CanAsia as circumstances warrant.
CanAsia Financial Inc. is located at 1600, 333 - 7th Avenue S.W., Calgary, Alberta T2P 2Z1.
A report respecting this acquisition will be filed with the applicable securities commissions using the Canadian System for Electronic Document Analysis and Retrieval (SEDAR) and will be available for viewing on the Issuer’s profile at www.sedar.com.
For further information or to obtain a copy of the early warning report, please contact James G. Louie, Chief Executive Officer of the Issuer at (403) 870-7383 or via email contactus@canasiafinancial.com.
Neither TSX Venture Exchange nor 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.
Not for distribution to United States news wire services or dissemination in the United States.