KIRKLAND, QC, July 30, 2019 /CNW Telbec/ - Manitex Capital Inc.
(TSXV: MNX), ("Manitex"), is pleased to announce that its Board of
Directors has declared a special dividend-in-kind (the "Dividend")
of 1,256,127 share purchase warrants of Valeo Pharma Inc. (the
"Valeo Warrants") held by Manitex. The Dividend shall have a deemed
price per Valeo Warrant based on the closing price of the Valeo
Warrants (VPH.WT) on the Canadian Securities Exchange (the "CSE")
on the trading day prior to payment of the Dividend, expected to
occur on or about August 28, 2019, to
holders of record of common shares of Manitex (the "Manitex
Shares") at the close of business on August
9, 2019 (the "Record Date").
The Dividend will be distributed on a pro rata basis. Based upon
the number of Manitex Shares currently outstanding, and ignoring
the effect of rounding for fractional interests, one Valeo Warrant
will be paid under the Dividend for every 10 (ten) Manitex Shares
(or 0.1 Valeo Warrants per Manitex Share) held on the Record
Date.
The distribution of the Valeo Warrants forming the Dividend is
exempt from the prospectus requirement pursuant to Regulation
45-106. After the distribution of the Dividend, Manitex will
continue to hold 357,715 Valeo Warrants.
Each Valeo Warrant enables the holder to acquire one Class A
share (a "Share") in the capital of Valeo Pharma Inc. at a price of
$0.60 per Share, until July 25, 2022. If at any time, prior to the
expiry date of the Valeo Warrants, the volume weighted average
trading price of the Shares on the CSE equals or exceeds
$1.10 for 20 consecutive trading
days, Valeo Pharma Inc. may, within 15 days of the occurrence of
such event, deliver a notice to the holders of Valeo Warrants
accelerating the expiry date of the Valeo Warrants to the date that
is 30 days following the date of such notice (the "Accelerated
Exercise Period"). Any unexercised Valeo Warrants shall
automatically expire at the end of the Accelerated Exercise
Period.
The Dividend is an "eligible dividend" for purposes of the
Income Tax Act (Canada) and
corresponding provincial legislation and therefore the Dividend
will be taxable in the hands of Manitex shareholders. Manitex
shareholders with questions regarding the tax treatment of
dividends should consult with their own tax advisors or contact
their local office of the Canada Revenue Agency and, where
applicable, the provincial taxation authorities.
For more details on Valeo Pharma Inc., please consult the
issuer's profile on SEDAR at www.sedar.com.
The distribution of the Dividend is subject to final acceptance
by the TSX Venture Exchange.
Caution regarding forward-looking statements
This news release may contain certain forward-looking statements
regarding Manitex's expectations for future events. Such
expectations are based on certain assumptions that are founded on
currently available information. If these assumptions prove
incorrect, actual results may differ materially from those
contemplated by the forward-looking statements contained in this
press release. Factors that could cause actual results to differ
include, amongst others, uncertainty as to the final result and
other risks. Manitex disclaims any intention or obligation to
publicly update or revise any forward- looking statements, whether
as a result of new information, future events or otherwise, other
than as required by security laws.
About Valeo Pharma Inc.
Headquartered in Montreal,
Quebec, Valeo Pharma is a specialty pharmaceutical company
dedicated to the commercialization of innovative prescription drug
products in Canada. With a focus
on Neurodegenerative Diseases, Oncology, Women's Health and
Hospital Specialty Products, Valeo Pharma has a growing portfolio
of innovative products. Valeo Pharma has the infrastructure and
possesses all the required capabilities to properly advance its
products through all stages of registration and commercialization.
Valeo Pharma has recently launched Onstryv® (safinamide tablets) in
Canada for the treatment of
patients suffering from Parkinson's Disease and has entered into a
licensing agreement for the exclusive rights to register,
distribute and market a low molecular weight heparin biosimilar in
Canada. For more information,
please visit https://www.valeopharma.com/ and follow us on LinkedIn
and Twitter.
About Manitex Capital Inc.
Manitex Capital Inc. invests in promising emerging companies in
diversified sectors including life sciences, cleantech and
sustainable products/technologies. Manitex provides its portfolio
companies with specialized corporate finance and advisory services
including corporate strategy, mergers and acquisitions, public
markers access and financing. Manitex currently has 12,561,276
common shares outstanding which are quoted for trading on the TSX
Venture Exchange.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accept responsibility for the adequacy or
accuracy of this release.
SOURCE Manitex Capital Inc.