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TruTrace Technologies says CTO Thomas Stephenson acquires 17.2 million common shares

The Vancouver firm said Stephenson and a company he controls acquired the shares at $0.05 cents each

Trutrace Technologies Inc. - TruTrace Technologies Inc Chief Technology Officer Thomas Stephenson has acquired 17.2 million common shares of the cannabis-focused blockchain company
TruTrace said its CTO has no current intention to acquire control or direction over additional securities of the company

TruTrace Technologies Inc (CSE:TTT) (OTCMKTS:TTTSF) said its chief technology officer Thomas Stephenson has acquired 17.2 million common shares in the cannabis-focused blockchain company. 

In a statement Monday, TruTrace said 9.5 million shares were issued directly to Stephenson on June 26 at $0.05 cents each in settlement of outstanding debt of $475,000 owed by the company. 

In addition, 7.7 million shares were issued to a company controlled by Stephenson on July 3 at $0.05 each in connection with the licensing of certain technology by the company.

READ: TruTrace Technologies strikes license deal with logistics group OrionOne

Before the acquisitions, TruTrace said Stephenson had indirect ownership of 2,500,000 shares registered in the name of Ember Technology Partners Ltd, a company he controls. That represented 3% of the 83,361,732 shares outstanding prior to the acquisitions, and 975,000 stock options exercisable into one share.

As a result of the acquisitions, the company said Stephenson now exercised control and direction over an aggregate of 19,700,000 shares, representing 17.9% of the 110,061,732 TruTrace shares outstanding following completion of the acquisitions.

Assuming exercise of all stock options held by Stephenson, he would have control and direction over 20,675,000 shares, representing 18.6% of the issued and outstanding shares following such a move, the company said.

TruTrace, based in Vancouver, said the shares were acquired for investment purposes and that Stephenson has no current intention to acquire control or direction over additional securities of the company.

Contact the author: patrick@proactiveinvestors.com

Follow him on Twitter @PatrickMGraham

Quick facts: Trutrace Technologies Inc.

Price: 0.05 CAD

Market: CSE
Market Cap: $5.5 m

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