Kernwood Limited Announces Acquisition of Additional Shares of Velan Inc.

TORONTO, Nov. 19, 2020 /CNW/ - Kernwood Limited ("Kernwood") reported pursuant to the "Early Warning Requirements" of Ontario's securities laws that it purchased 27,300 subordinate voting shares (the "Velan Shares") in the capital of Velan Inc. ("Velan") on November 17, 2020 in normal course transactions on the Toronto Stock Exchange with the result that Kernwood, together with its shareholders and related family members, collectively own 1,203,200 Velan Shares representing approximately 19.99% of the total outstanding Velan Shares. The 27,300 Velan Shares were purchased at an average of $5.9914 per Velan Share, for an aggregate of $163,565.22.

Kernwood is a private holding company that invests in securities of private and public companies.

The acquisition of the Velan Shares by Kernwood was undertaken for investment purposes. Kernwood does not have any current plans to buy or sell further Velan Shares, to solicit proxies or to otherwise participate in any significant transaction involving Velan.  Kernwood intends to review its investment on a continuing basis. Depending on various factors, Kernwood may in the future purchase or sell securities or engage in other activities relating to Velan.

Kernwood's head office is located at 75 Wellington St. W., TD South Tower, Suite 605, P.O. Box 346, TD Centre, Toronto, Ontario M5K 1K7. 

Kernwood will be filing an Early Warning Report under Velan's profile on SEDAR and copies of the report may be obtained at www.sedar.com or from Kernwood by contacting Edward Kernaghan at (416) 502-2074.

SOURCE Kernwood Limited