Dr. Fahar Merchant acquires shares of Medicenna

TORONTO, Jan. 7, 2021 /CNW Telbec/ - On January 6, 2021, Fahar Merchant, President and Chief Executive Officer of Medicenna Therapeutics Corp. ("Medicenna"), purchased an aggregate of 10,000 common shares of Medicenna (the "Shares") through the facilities of the Toronto Stock Exchange at prices ranging from $5.13 to $5.18, for an aggregate consideration of $51,778 (the "Transaction").

Prior to the Transaction, (i) Dr. Merchant beneficially owned an aggregate of 5,250,000 Shares, options ("Option") to purchase an aggregate of 1,377,299 Shares and 100,000 common share purchase warrants exercisable at a price of $1.20 per Share until December 21, 2023 (the "Warrants"); (ii) Ms. Rosemina Merchant, a joint actor with Dr. Merchant, beneficially owned 5,250,000 Shares, Options to purchase 834,637 Shares and 100,000 Warrants; and (iii) Aries Biologics Inc. ("Aries") an entity jointly-owned by Dr. Merchant and Ms. Merchant, beneficially owned an aggregate of 5,500,000 Shares. Together, Dr. Merchant and Ms. Merchant beneficially owned, directly and through Aries, an aggregate of 16,000,000 Shares, 2,211,936 Options and 200,000 Warrants, representing 31.68% of the currently issued and outstanding Shares on a non-diluted basis, and 34.79% of the currently issued and outstanding Shares on a partially-diluted basis, assuming exercise of the Options and Warrants held by Dr. Merchant and Ms. Merchant only.

Following the Transaction, (i) Dr. Merchant beneficially owns an aggregate of 5,260,000 Shares, Options to purchase an aggregate of 1,377,299 Shares and 100,000 Warrants; (ii) Ms. Rosemina Merchant beneficially owns 5,250,000 Shares, Options to purchase 834,637 Shares and 100,000 Warrants; and (iii) Aries beneficially owns an aggregate of 5,500,000 Shares. Together, Dr. Merchant and Ms. Merchant beneficially own, directly and through Aries, an aggregate of 16,010,000 Shares, 2,211,936 Options and 200,000 Warrants, representing 31.70% of the currently issued and outstanding Shares on a non-diluted basis, and 34.81% of the currently issued and outstanding Shares on a partially-diluted basis, assuming exercise of the Options and Warrants held by Dr. Merchant and Ms. Merchant only.

Dr. Merchant and Ms. Merchant, as Medicenna's President and Chief Executive Officer and Chief Development Officer, respectively, in addition to together being Medicenna's largest shareholders, have been and will continue to be actively involved in the business, operations and strategic planning for Medicenna. The Shares beneficially owned by Dr. Merchant and Ms. Merchant, directly and through Aries, are held for investment purposes. Each of them intends to review on a continuing basis his or her investment in Medicenna and may, depending on market and other conditions, increase or decrease his or her beneficial ownership of securities of Medicenna through market transactions, private agreements, public offerings or otherwise.

Dr. Merchant relied on the normal course purchase exemption from the take-over bid rules contained in Section 4.1 of National Instrument 62-104 – Take-Over Bids and Issuer Bids with regards to the Transaction.

An early warning report relating to this transaction will be filed on SEDAR under Medicenna's profile at www.sedar.com. To obtain a copy of such report, please contact Ms. Elizabeth Williams, Chief Financial Officer of Medicenna at 416-648-5555. Medicenna's head office is located at 2 Bloor Street W., 7th Floor, Toronto, ON, M4W 3E2. Dr. Merchant's mailing address is 2 Bloor Street W., 7th Floor, Toronto, ON, M4W 3E2.

SOURCE Fahar Merchant

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View original content: http://www.newswire.ca/en/releases/archive/January2021/07/c5430.html

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