|By Marketwired .||
|May 2, 2014 02:26 PM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 05/02/14 -- Reg Technologies Inc. (the "Corporation")- This press release is being disseminated as required by National Instrument 62-103 "The Early Warning System and Related Take Over Bid and Insider Reporting Issues" in connection with the filing of an early warning report (the "Early Warning Report") regarding the acquisition of securities of the Corporation by China Zhongling Hangke New Energy Group Limited ("Zhongling") of Hong Kong.
On May 1, 2014, Zhongling purchased 7,700,000 units of the Corporation (the "Units) at $0.12 per Unit. Each Unit comprises one common share and one common share purchase warrant (a "Tranche 2 Warrant"), with each Tranche 2 Warrant entitling the holder to purchase one additional common share of the Corporation at a price of $0.15 until May 1, 2017. The purchase was effected by a subscription from treasury of the Corporation on a private placement basis.
Prior to the purchase, Zhongling held 2,200,000 common shares and 2,200,000 warrants of the Corporation (the "Tranche 2 Warrants", together with the Tranche 1 Warrants, the "Warrants") with each Tranche 2 Warrant entitling the holder to purchase one additional common share of the Corporation at a price of $0.15 until March 27, 2017. As the result of this purchase, Zhongling holds a total of 9,900,000 common shares (representing 19.98% of the issued and outstanding common shares on a non-diluted basis) and 9,900,000 Warrants. If all of the Warrants are exercised, Zhongling would hold a total of 19,800,000 common shares, representing 30.47% of the issued and outstanding common shares of the Corporation on a fully diluted basis.
Zhongling has advised the Corporation that there is no agreement, arrangement, commitment, or understanding with respect to the voting of any of its securities of the Corporation. The Units were acquired for investment purposes and Zhongling may increase or decrease its beneficial ownership or control depending on market or other conditions.
A copy of the Early Warning Report may be found on www.SEDAR.com.
China Zhongling Hangke New Energy Group Limited
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