Grenville Shareholders Approve Plan of Arrangement with LOGiQ
June 01 2018 - 7:59PM
Grenville Strategic Royalty Corp. (TSXV:GRC) (“Grenville” or the
“Company”) today announced the results of its special meeting (the
“Special Meeting”) of shareholders held May 31, 2018. At the
Special Meeting, Grenville shareholders passed the special
resolution, with 97.7% of votes cast in favour, approving the
Company’s previously announced arrangement agreement with LOGiQ
Asset Management Inc. (“LOGiQ”) outlined in the Joint Management
Information Circular dated May 2, 2018 and available on SEDAR.
Under the arrangement LOGiQ will acquire all of
the issued and outstanding Grenville common shares and Grenville
and LOGiQ will amalgamate. Shareholders of Grenville will receive
6.25 common shares of LOGiQ for each Grenville common share they
hold. Upon completion of the arrangement, existing holders of
Grenville will own 67% of the combined company and LOGiQ
shareholders will own approximately 33%.
Completion of the arrangement, which is expected
to occur on or about June 7, 2018, is subject to a number of
conditions precedent, including approval from the Supreme Court of
British Columbia and satisfaction of other customary closing
conditions.
About
Grenville
Based in Toronto, Grenville Strategic Royalty
Corp. makes growth-oriented investments in established businesses
with revenues of up to $50 million. Grenville generates revenues
from royalty payments, buyouts from contracts and equity returns.
The royalty financing structure offered by Grenville competes
directly with traditional equity to meet the long-term financing
needs of companies on more attractive commercial terms.
Cautionary
Statement
This news release contains certain
“forward-looking statements” within the meaning of such statements
under applicable securities law. Forward-looking statements are
frequently characterized by words such as “plan”, “continue”,
“expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”,
“may”, “will”, “potential”, “proposed” and other similar words, or
statements that certain events or conditions “may” or “will” occur.
These statements are only predictions. Various assumptions were
used in drawing the conclusions or making the projections contained
in the forward-looking statements throughout this news release.
Forward-looking statements are based on the opinions and estimates
of management at the date the statements are made, and are subject
to a variety of risks and uncertainties and other factors that
could cause actual events or results to differ materially from
those projected in the forward-looking statements including: future
operating results and funding requirements; the ability to achieve
synergies; future general economic and market conditions; and
changes in laws and regulations. There can be no assurance that
such information will prove to be accurate, as actual results and
future events could differ materially from those anticipated in
such information. Accordingly, readers should not place undue
reliance on forward-looking information. Grenville does not
undertake to update any forward-looking information contained
herein, except as required by applicable securities laws. There are
a number of conditions precedent to the completion of the
arrangement and there can be no assurance that such conditions
precedent will be satisfied and that the arrangement will be
completed.
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
For further information, please
contact:
Grenville Strategic Royalty Corp.:Donnacha
RahillChief Financial OfficerTel: (416) 477-2601
Grenville Strategic Royalty (TSXV:GRC)
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