HUK 121 Limited made a bid to acquire Inscape Corporation (TSX:INQ) from Pender Growth Fund Inc. (TSXV:PTF) fund managed by PenderFund Capital Management Ltd. and others for CAD 0.1 million on October 28, 2022. Offeror to acquire all outstanding subordinated voting shares of Inscape for CAD 0.007 in cash per share. Offer will be conditional upon, among other things, there being validly deposited or tendered and not withdrawn, a number of Shares that represents at least 66% of the outstanding Shares of Inscape. The Board of Directors of Inscape, after consultation with financial and legal advisors, has unanimously approved entering into the Support Agreement and unanimously recommends the Company's shareholders deposit their Shares under the Offer. In connection with the Offer, certain shareholders of Inscape, who collectively represent over 80% of the Shares, have entered into Lock-Up Agreements with the Offeror under which such shareholders have agreed to support the Offer and to deposit their Shares under the Offer. As of November 17, 2022, the board of directors of Inscape Corporation has approved the abridgement of the initial deposit period for the Offer from 105 days to 35 days and the Offeror intends to formally commence the Offer to acquire all of the Company's outstanding subordinated voting shares (“the Shares”) for CAD 0.007 in cash per Share. As of December 23, 2022, HUK 121 Limited was successful in its bid to purchase common shares (the “Common Shares”) of Inscape and of the conditions to the Offer was satisfied or waived by 5:00 p.m. (Toronto time) on December 23, 2022 (the “Initial Expiry Time”). At the Initial Expiry Time, 12,661,625 Common Shares (representing approximately 88.05% of the issued and outstanding Common Shares) (the “Deposited Shares”) were deposited to the Offer and have now been taken up by the Offeror. The aggregate consideration payable for the Deposited Shares is approximately CAD 88,631.38. The Offeror is also announcing the extension of the Offer from the Initial Expiry Time to 5:00 p.m. (Toronto time) on January 3, 2023

The Inscape Board received a verbal opinion on October 28, 2022, from Evans & Evans, Inc. that the Offer Price was fair, from a financial point of view to shareholders of the Company. Evans & Evans, Inc. acted as financial advisor to Inscape. TSX Trust Company acted as transfer agent and registrar to Inscape.

HUK 121 Limited completed the acquisition of Inscape Corporation (TSX:INQ) from Pender Growth Fund Inc. (TSXV:PTF) fund managed by PenderFund Capital Management Ltd. and others on January 3, 2023.