John Adam Watson (“Watson”) recently announces that effective December 31, 2021, he, through a Canadian federal numbered holding company under his control has directly acquired an aggregate of 4,500,097 common shares of Orca Ventures British Columbia Corp., Orca Ventures Manitoba Corp., Orca Ventures Ontario Corp., Orca Ventures Orlando Corp., and Orca Ventures Sri Lanka Private Co. (together, “Orca”) at a price of $1.24 USD per share, for total consideration of $7,155,154.23 CAD.
This Early Warning Report is intended to inform the marketplace of Watson’s accumulation of the Orca common shares and is being filed within two business days of the said transaction’s completion.
As stated announced to shareholders by the company on December 6, 2021, and December 21, 2021, the shares were acquired by Watson and his holding company in connection with funding a portion of the purchase price from Orca’s acquisition of AWF Limited (“AWF”), where Watson is also a Director. Immediately following the acquisition of AWF, Watson retains 51.3% control of the common shares of that company.
Immediately preceding the acquisition of the Orca shares, Watson’s holdings of the company represented 9.45% of the outstanding shares then issued. Following the acquisition of the additional Orca shares as well as substantive company reorganization and share allocations that were completed as of December 27, 2021, Watson’s holding is now 6,504,709 common shares, representing 14.62% of the company’s total shares.
This disclosure is being made as required by NI 62-103 in connection with the filing of an Early Warning Report. A copy of the Early Warning Report is available through Stockdox, as per regulations.
As per regulations, Watson has disclosed that he will continue in a consultation role with the company until at least 2026, compensated at a rate of $500,000.00 USD per annum with an annual 4.6% y-o-y increase, as an independent contractor, with additional share warrants. Watson’s compensation upon signing is $475,000.00 USD which is earned and paid as of December 31, 2021. Watson will be directly involved in the company’s expansion of its proprietary insurance technology platform into the European market and will report to the CEO. Watson brings to the organization an extensive background in commercial real estate finance and insurance underwriting and is a licensed financial broker. Watson, as the Broker of Record for the Orca share transactions, earned total commissions on this transaction in the amount of $355,607.12 USD, which is earned and paid as of December 31, 2021, and is over and above any other earned compensation from the company. Watson has a Vancouver, BC, Canada address of 17518-The Ritz, 1202 West Pender Street, V6E0B2.
