MONTREAL, QUEBEC - (Marketwired - Sept. 30, 2014) - The Oxbridge Group Inc. ("Oxbridge"), an entity wholly-owned by Mr. Gregory H. Chamandy, an announced today that it acquired 7,900,000 common shares, 750,000 common share options and 125,000 common share purchase warrants of Liquid Nutrition Group Inc. (TSX VENTURE:LQD) ("Liquid Nutrition") and 4,020,854 common shares of Richmont Mines Inc. ("Richmont Mines") by way of transfer from Oxbridge Bank & Trust SCC ("Oxbridge Bank"). Each Liquid Nutrition common share option entitles the holder to acquire one additional common share of Liquid Nutrition at a price of $1.00 until May 13, 2021. Each common share purchase warrant entitles the holder to acquire one additional common share of Liquid Nutrition at a price of $1.50 until May 13, 2016.
Oxbridge Bank is an indirect wholly-owned subsidiary of Oxbridge. They are both part of a group of companies wholly-owned and controlled by Mr. Chamandy. In the context of a reorganization of such group of companies, Oxbridge Bank will be wound up and therefore transferred the aforementioned Liquid Nutrition securities to Oxbridge on September 30, 3014. There was no consideration exchanged for the transfer of such securities. No agreements were entered into for such transfer, which occurred by way of private transaction.
Immediately following the transfer, Mr. Chamandy indirectly owns, through Oxbridge, 7,900,000 common shares of Liquid Nutrition, representing approximately 44.7% of issued and outstanding common shares, as well as 750,000 common share options and 125,000 common share purchase warrants of Liquid Nutrition. Assuming the exercise of all of the aforementioned stock options and warrants, he would own a total of 8,775,000 common shares, representing approximately 47.3% of the Liquid Nutrition common shares that would then be issued and outstanding.
With regard to Richmont Mines, immediately following the transfer, Mr. Chamandy owns 961,805 common shares directly and 4,020,854 common shares indirectly through Oxbridge and controls 33,704 common shares held by his spouse, Ms. Chantal Condoroussis, representing in the aggregate 5,016,363 common shares which is approximately 10.47% of issued and outstanding common shares. He also directly owns 532,000 common share options of Richmont Mines. Assuming the exercise of all of the aforementioned Richmont Mines stock options, he would own or control a total of 5,548,363 common shares, representing approximately 11.45% of the Richmont Mines common shares that would then be issued and outstanding.
The holdings of both Mr. Chamandy and Oxbridge in securities of Liquid Nutrition and Richmont Mines may be increased or decreased in the future, as the case may be.
Liquid Nutrition Group Inc. (TSX VENTURE:LQD) is a growing, hybrid retailer of functional beverages, fresh pressed juices, vitamins and supplements. Liquid Nutrition is committed to building a global brand in the health and wellness industry by bringing its healthy and delicious product offering to communities around the world. Through its wholly owned subsidiary, Liquid Nutrition Franchising Corporation, LNGI currently has signed franchise agreements for 14 stores in Canada and one corporate store in the USA, as well as license agreements in the Bahamas and the Middle East.
Richmont Mines has produced over 1.4 million ounces of gold from its operations in Québec, Ontario and Newfoundland since beginning production in 1991. Richmont Mines currently produces gold from the Island Gold Mine in Ontario, and the Beaufor and Monique Mines in Quebec. The Corporation is also advancing development of the extension at depth of the Island Gold Mine in Ontario. With over 20 years of experience in gold production, exploration and development, and prudent financial management, Richmont Mines is well-positioned to cost-effectively build its Canadian reserve base and to successfully enter its next phase of growth.
Gregory H. Chamandy
Fasken Martineau DuMoulin LLP