EARLY WARNING NEWS RELEASE
Vancouver, British Columbia, July 11, 2022 (GLOBE NEWSWIRE) — Emerald Health Sciences Inc. (“Sciences“) announces that on July 8, 2022 pursuant to return of capital (the “Return of Capital“) authorized by Sciences’ shareholders, Sciences disposed of 39,401,522 common shares (the “Capital Shares“) of Emerald Health Therapeutics, Inc. (“EHT“) (c/o 2500 – 666 Burrard Street, Vancouver, BC V6C 2X8) through the transfer of such shares to the shareholders of Sciences on a pro rata basis. Sciences received no consideration for the Capital Shares and the shares were transferred to the EHS shareholders off market.
Immediately before the Return of Capital, Sciences had ownership of 30,401,608 common shares of EHT (“Common Shares“) representing approximately 18.4% of the then issued and outstanding Common Shares. Following the Return of Capital, Sciences held direct ownership of 86 Common Shares representing less than 0.01% of the issued and outstanding Common Shares., Sciences also had ownership of 4,687,942 warrants of EHT entitling Sciences to acquire 4,687,942 Common Shares at an exercise price of $0.385 per share until December 29, 2024 (the “EHT Warrants“). Assuming exercise of all EHT Warrants, Sciences would own 4,688,028 Common Shares representing approximately 2.19% of the issued and outstanding Common Shares (on a partially-diluted basis giving effect only to the exercise of the EHT Warrants).
The Capital Shares were disposed of by Sciences to complete a Return of Capital to the shareholders of Sciences. Sciences may acquire additional securities or dispose of existing securities of EHT on the basis of Sciences’ assessment of market conditions and in compliance with applicable securities regulatory requirements.
This news release is being issued pursuant to Part 3 of National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues of the Canadian Securities Administrators. A copy of the early warning report filed by Sciences in connection with the disposition of the Capital Shares will be made available on the EHT’s SEDAR profile, and it can also be obtained directly from Sciences by contacting (778) 868-1582.
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