HOLLAND LANDING, Ont., December 23, 2022 (GLOBE NEWSWIRE) — Inscape Corporation (“inscape” or the “Pursue“) INQand HUK 121 Limited (the “Offerer“), a subsidiary of Hilco Capital Limited (“Hilco“), are pleased to jointly announce that the Bidder’s offer to purchase common shares (the “common shares“) by Inscape, as previously announced on October 29, 2022 (the “Offer“). Each of the terms of the Offer was made by 5:00 p.m. (Toronto time) on December 23, 2022 (the “Initial Expiry Time“). At the initial expiration date, there were 12,661,625 common shares (representing approximately 88.05% of the issued and outstanding common shares) (the “Deposited Shares“) were deposited for the Offering and have now been assumed by the Bidder. The aggregate consideration payable for the Deposited Shares is approximately $88,631.38. Immediately prior to the assumption of the Deposited Shares, the Bidder did not own or control any Common Shares after acceptance of the Deposited Shares or the Bidder controls 12,661,625 common shares (representing approximately 88.05% of the issued and outstanding common shares).

The Bidder also announces the extension of the Offer from the initial expiry time until 5:00 p.m. (Toronto time) on January 3, 2023 (the “Extended expiry time“) in accordance with applicable securities laws, to allow the remaining shareholders who have not yet tendered their shares to deposit their shares for the offering.

As set out in the Offer and Tender Offer Circular (the “TOB circular“), the Bidder may effect a mandatory purchase or, alternatively, a subsequent purchase transaction to acquire common shares not deposited in the Offering. Upon completion of the mandatory purchase or subsequent purchase transaction, the Offeror may delist the common shares from the TSX and result in it that Inscape is no longer a reporting issuer under applicable securities laws. The exact timing and details of any such transaction will be…