Historical transactions by 1832 Asset Management L.P.

TORONTO, Feb. 12, 2021 /CNW/ - 1832 Asset Management L.P. ("1832") is reporting today certain historical transactions made by it, on behalf of investment funds and accounts managed by it.  1832's head office is located at 1 Adelaide Street East, Suite 2900, Toronto, Ontario M5C 2V9.

Kesselrun Resources Ltd.
On December 7, 2020, 1832 acquired 10,272,727 common shares and 5,136,363 common share purchase warrants of Kesselrun Resources Ltd. ("KES"), a company with a head office at 278 Bay Street, Suite 102, Thunder Bay, Ontario P7B 1R8, through a private placement offering of units which consisted of one common share and one half of one common share purchase warrant per unit.  An alternative monthly report with respect to this transaction was previously filed on January 22, 2021. Immediately before the private placement offering, 1832 did not hold common shares or warrants of KES.  Immediately after the private placement offering, 1832 held 10,272,727 common shares and 5,136,363 common share purchase warrants, representing approximately 13.96% on an undiluted basis and approximately 19.57% on a partially diluted basis, assuming exercise of 1832's warrants.

Flagship Communities REIT
On October 7, 2020, 1832 acquired 100,000 units of Flagship Communities Real Estate Investment Trust ("FCREIT"), a company with a head office at 467 Erlanger Road, Erlanger, Kentucky, 41018.  The transaction took place on the Toronto Stock Exchange and the units were acquired for $1,530,000.00 in total, at a price of $15.30 per unit. Immediately before the transaction, 1832 held 600,000 units, representing approximately 9.60% of the issued and outstanding units. Immediately after the transaction, 1832 held 700,000 units, representing approximately 11.20% of the issued and outstanding units. This resulted in an increase of approximately 1.60% in 1832's holdings.

On October 22, 2020, FCREIT announced that the over-allotment option in connection with a prospectus offering completed on September 28, 2020 was exercised in full which increased the issued and outstanding units.  This decreased 1832's holdings to less than 10% of the issued and outstanding units. Immediately before the announcement, 1832 held 704,900 units, representing approximately 11.28% of the issued and outstanding units. Immediately after the announcement, 1832 held 704,900 units, representing approximately 9.75% of the issued and outstanding units. This resulted in a decrease of approximately 1.53% in 1832's holdings.

On October 30, 2020, 1832 acquired 32,323 units of FCREIT.  This transaction took place on the Toronto Stock Exchange and the units were acquired for $484,845.00 in total, at a price of $15.00 per unit. Immediately before the transaction, 1832 held 717,677 units, representing approximately 9.93% of the issued and outstanding units. Immediately after the transaction, 1832 held 750,000 units, representing approximately 10.38% of the issued and outstanding units. This resulted in an increase of approximately 0.45% in 1832's holdings.

Clean Air Metals Inc.
On May 27, 2020, 1832 acquired 2,500,000 common shares of Clean Air Metals Inc. ("AIR"), a company with a head office at 217 Queen Street West, Toronto, Ontario M5V 0R2. This transaction took place on the TSX Venture Exchange and the common shares were acquired for $1,000,000.00 in total, at a price of $0.40 per share. Immediately before the transaction, 1832 held 9,131,020 common shares and 3,165,500 common share purchase warrants of AIR, representing approximately 7.23% of the issued and outstanding shares on an undiluted basis and approximately 9.50% of the issued and outstanding shares on a partially diluted basis, assuming exercise of 1832's common share purchase warrants. Immediately after the transaction, 1832 held 11,631,020 common shares, representing approximately 9.21% of the issued and outstanding shares on an undiluted basis and, when combined with the 3,165,500 warrants held, represented approximately 11.43% of the issued and outstanding shares on a partially diluted basis. The common shares acquired as a result of the transaction represented an increase of approximately 1.98% in 1832's holdings on an undiluted basis and an increase of approximately 1.93% on a partially diluted basis.

Great Bear Royalties Corp.
On May 5, 2020, 1832 acquired, 1,596,827 common shares of Great Bear Royalties Corp. ("GBRC"), a company with a head office at 800 West Pender Street, Suite 1020, Vancouver, British Columbia V6C 2V6, pursuant to a plan of arrangement between Great Bear Resources Ltd. ("GBR") and GBRC (the "Arrangement").  Pursuant to the Arrangement, 1832 received one-fourth of a common share of GBRC for each common share of GBR held at the close of business on May 4, 2020. Common shares of GBRC did not exist before the Arrangement. Immediately after the Arrangement, 1832 held 1,596,827 common shares of GBRC, representing approximately 11.70% of the issued and outstanding shares. 

On December 30, 2020, 1832 acquired, 727,632 common shares of GBRC through a private transaction, which, together with other transactions in GBRC between May 6, 2020 and December 29, 2020, represented an increase of 4.61% in 1832's holdings since May 5, 2020. Immediately before the transaction, 1832 held 3,723,831 common shares, representing approximately 13.64% of the issued and outstanding shares. Immediately after the transaction, 1832 held 4,451,463 common shares, representing approximately 16.31% of the issued and outstanding shares.

In all transactions mentioned above, 1832 acquired the securities for investment purposes, on behalf of the investment funds and accounts managed by it, and not in order to exercise control or direction over the securities. 1832 may in the future acquire additional securities or sell securities of the reporting issuers mentioned above depending on market conditions or other relevant factors.

Early warning reports with respect to the transactions above will be filed today on the applicable reporting issuer's SEDAR profile at www.sedar.com and may also be obtained by contacting 1832. Following the filing of the early warning reports, 1832 intends to begin filing alternative monthly reports in respect of its control or direction of securities related to these reporting issuers.

About 1832 Asset Management
1832 Asset Management offers a range of wealth management solutions, including mutual funds, and investment solutions for private clients, institutional clients and managed asset programs. 1832 Asset Management is a limited partnership organized under the laws of Ontario, the general partner of which is wholly owned by Scotiabank.

About Scotiabank

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SOURCE Scotiabank