Avarga Limited Enters into Agreements to Acquire Shares of Taiga Building Products Ltd.

VANCOUVER, British Columbia, May 22, 2020 (GLOBE NEWSWIRE) -- Avarga Limited announced that on May 22, 2020, it entered into two share purchase agreements to indirectly acquire a total of 2,000,000 common shares (“Common Shares”) of Taiga Building Products Ltd. (“Taiga”), a company with a head office at #800 - 4710 Kingsway, Burnaby, British Columbia, V5H 4M2, at a deemed purchase price of CDN$0.975 per Common Share for an aggregate purchase price of CDN$1,950,000, from two separate third party vendors. Avarga Limited has agreed to acquire the 2,000,000 Common Shares through two private transactions made in reliance on the private agreement exemption set out in section 4.2 of National Instrument 62-104 Take-Over Bids and Issuer Bids. Avarga Limited currently owns, directly or indirectly, or exercises control or direction over 75,708,814 Common Shares, representing approximately 67.9% of the total number of issued and outstanding Common Shares. After the acquisition, Avarga Limited will own, directly or indirectly, or exercise control or direction over, 77,708,814 Common Shares, representing approximately 69.7% of the total number of issued and outstanding Common Shares. This change will represent an increase of approximately 1.8% in the total number of issued and outstanding Common Shares held by Avarga Limited. Avarga Limited’s acquisition is being made for investment purposes. Avarga Limited may, in the future, increase or decrease its beneficial ownership, control or direction over securities of Taiga.

For more information, or to obtain a copy of the subject early warning report, please contact:

Avarga Limited

1 Kim Seng Promenade

#13-10 Great World City West Lobby

Singapore 237994

Telephone: (65) 6836 5522

Facsimile: (65) 6836 5500