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Smoothwater Acquires Additional Shares of Genesis

CNW Group - Thu Aug 6, 8:35AM CDT

Smoothwater Acquires Additional Shares of Genesis

Canada NewsWire

TORONTO , Aug. 6, 2020 /CNW/ - Smoothwater Capital Corporation ("Smoothwater"), the largest shareholder of Genesis Land Development Corp. (TSX:GDC.TO) ("Genesis"), announces that during the period of September 25, 2019 to August 5, 2020 it acquired an aggregate of 1,683,200 common shares of Genesis (the "Common Shares") on the open market through the facilities of the Toronto Stock Exchange (the "Market Purchases"), representing approximately 4.00% of the issued and outstanding Common Shares (the "Outstanding Shares") as at July 30, 2020 , as reported by Genesis in its management's discussion and analysis for the quarter ended June 30, 2020 . The Market Purchases were made by Smoothwater at an average price of $1.29 per Common Share.

Prior to the Market Purchases, Smoothwater and its joint actors had ownership and control over 16,391,520 Common Shares, representing approximately 38.96% of the Outstanding Shares.

After giving effect to the Market Purchases and the Private Purchase, Smoothwater has ownership and control over 18,062,720 Common Shares, representing approximately 42.93% of the Outstanding Shares. After giving effect to the purchases noted above, Smoothwater, together with its sole shareholder, Garfield Mitchell (who may be considered to be acting jointly or in concert within the meaning of applicable Canadian securities legislation with Smoothwater), beneficially owns, or exercises control and direction over, an aggregate of 18,074,720 Common Shares, representing approximately 42.96% of the Outstanding Shares.

The 1,683,200 Common Shares Smoothwater acquired pursuant to the Market Purchases were acquired in reliance upon the "normal course purchase" exemption from the take-over bid requirements contained in section 4.1 of NI 62-104. In the preceding 12-month period from August 5, 2020 , Smoothwater had acquired 1,683,200 Common Shares, representing approximately 4.00% of the Outstanding Shares. There is a published market for the Common Shares, and none of the Common Shares that are the subject of the Market Purchases were acquired for consideration with a value in excess of the market price of the Common Shares on the date of the purchases noted above, plus reasonable brokerage fees or commissions actually paid.

Smoothwater and Mr. Mitchell hold the Common Shares noted above for investment purposes. Smoothwater and/or its joint actors may, from time to time on an individual or joint basis in the future, directly or indirectly acquire ownership of or control over additional securities of Genesis.

An early warning report in connection with this press release is being filed by Smoothwater in accordance with applicable Canadian securities laws and will be available on the SEDAR website at and can also be obtained by contacting Stephen J. Griggs , Chief Executive Officer of Smoothwater, at 416.644.6582.

SOURCE Smoothwater Capital Corporation

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